The National Federation of Independent Business (NFIB) in Idaho released its monthly Jobs Report on Oct. 31, highlighting continued uncertainty for small businesses and a challenging job market.
The report is significant as it reflects the ongoing difficulties faced by small business owners in filling job vacancies and planning for the future, with no clear resolution expected soon. Legislative decisions and upcoming state propositions are also contributing to this uncertain environment.
Suzanne Budge, NFIB’s Idaho state director, said, “NFIB’s latest Jobs Report only confirms that this long period of uncertainty continues and is unlikely to change after Election Day. Congress looks like it will wait until next year to decide whether or not the 20% Small Business Deduction will be allowed to expire or made permanent, and if voters in Idaho approve Proposition 1, that will certainly suck up a lot of time in the next Legislature at the expense of other issues. Small business anxiety looks like it may be around for a long time. Let’s hope for the sake of our state it doesn’t become a permanent condition.”
Bill Dunkelberg, NFIB Chief Economist, commented on the national situation: “On Main Street, the job market remains challenging. Although the labor market appears to be softening overall, small business owners reported little success filling their plentiful vacancies in October.”
According to highlights from the latest report, 35% of small business owners had job openings they could not fill in October—a slight increase from September’s lowest reading since January 2021. Job openings were most common in construction, transportation, and wholesale sectors but lowest in agriculture and finance. In construction specifically, open positions dropped four points from last month with 49% unable to fill roles. A net 15% of owners plan to create new jobs over the next three months—unchanged from September—and a net 31% reported raising compensation in October, which is down one point from September and marks the lowest level since April 2021.
The broader implications suggest that unless legislative action is taken or economic conditions shift significantly, small businesses may continue facing hiring challenges into next year.
