By Stephen Nakrosis
The National Federation of Independent Business on Wednesday said a new report showed the small-business labor market was weaker in June.
The NFIB said its Research Center's monthly jobs report showed firms reduced employment by 0.28 workers in June, above the 0.17 figure reported in May.
The NFIB also said some small-business owners are cutting payrolls as the end of the Paycheck Protection Program forgiveness period approaches. "Many owners received their loans in April and will be unable to keep all their workers past June," NFIB said.
On a seasonally adjusted basis, 16% of respondents said they plan to create new jobs in the next three months, eight points higher than in May, the NFIB said. Also on a seasonally adjusted basis, 32% of respondents reported job openings they couldn't fill, up nine points from May.
Of those trying to hire in June, 84% reported few or no "qualified" applications, according to the report.
The NFIB said results are based on 670 respondents taken from a random sample of member firms, surveyed through June 29.
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(END) Dow Jones Newswires
July 01, 2020 14:11 ET (18:11 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.