At 6.2%, the unemployment rate remains uncomfortably high.
And yet, companies are increasingly saying they're having a hard time finding workers.
This statistic from the latest NFIB small business optimism survey really drives home the disconnect. Note the highlighted part of the text below:
NFIB owners increased employment by an average of 0.01 workers per firm in July (seasonally adjusted), the tenth positive month in a row and the best string of gains since 2006. Seasonally adjusted, 13 percent of the owners (up 1 point) reported adding an average of 2.9 workers per firm over the past few months. Fifty-three percent of the owners hired or tried to hire in the last three months and 42 percent (81 percent of those trying to hire or hiring) reported few or no qualified applicants for open positions. Twenty-four percent of all owners reported job openings they could not fill in the current period, down 2 points, but a solid reading. Fifteen percent reported using temporary workers, up a point. Job creation plans continued to strengthen and rose 1 percentage point to a seasonally adjusted net 13 percent, the best reading since September 2007. On a seasonally adjusted basis, job creation plans improved and job openings held at a solid level. Actual job creation remained positive, although modestly so.
81% (!) say they're having trouble hiring workers.
One possibility is that this is a sign of structural mismatch. That's one theory of labor market weakness, that not enough workers have the skills demanded by employers. There could also be a wages issue. Maybe businesses need to be more aggressive about raising wages to attract employees. Or maybe employers are exaggerating. Regardless, this is a pretty stunning number in light of elevated unemployment.
SEE ALSO: It looks like wages are heading up.