"After solid job gains early in the year, progress has slowed to a trickle," said William C. Dunkelberg, NFIB chief economist. "The two NFIB indicatorsjob openings and hiring plansthat predict the unemployment rate both fell, suggesting that the rate itself will rise. May's job numbers will disappoint; meaningful job creation on Main Street has collapsed," he added.
"Twelve percent (seasonally adjusted) of small-business owners reported unfilled job openings (down 2 points). Further indications of minimal future growth include the fact that in the next three months, 13% plan to increase employment (down 3 points), and 8% plan to reduce their workforce (up 2 points)," Dunkelberg explained. "That yields a seasonally adjusted net negative 1% of owners planning to create new jobs, a 3 point loss from April."
The full "NFIB Small Business Economic Trends" survey for May will be released next week.