Small Business Hiring Slows 11/19/25

Summary

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Podcast Summary: "Small Business Hiring Slows 11/19/25" – Your Money Minute (CNBC)

Host: Jessica Ettinger
Date: November 19, 2025
Duration: 60 seconds

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Episode Overview

This brief episode dives into the latest data showing a continued slowdown in small business hiring. Host Jessica Ettinger, joined by CNBC’s Steve Leisman, discusses key findings from the National Federation of Independent Business (NFIB) survey, which signals rising challenges for small businesses trying to find qualified workers. Expert insights explore the roots of these hiring woes, particularly focusing on labor quality concerns, shifting immigration policies, and labor force participation rates.

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Key Discussion Points & Insights

1. Small Business Hiring Trends

• Host Jessica Ettinger highlights that while small businesses have job openings, the hiring pace is stalling because "many just can't find workers."
  • (00:03)
• "Small business hiring continues to slow," underscoring concerns for this vital sector of the U.S. economy.

2. Labor Quality Concerns

• Steve Leisman (CNBC Senior Economics Reporter) cites new NFIB data:
  • Trouble with labor quality is "up by nine points... That's 27%, the highest since the pandemic" (00:11)
  • Despite not hiring rapidly, small businesses are struggling to find candidates who meet their needs.
• Notable quote:
  • “We have this very funny dynamic down here where they’re not really hiring but they can’t find the people they want.” – Steve Leisman (00:18)

3. Impact of Immigration and Policy Shifts

• Oliver Allen (Pantheon) suggests “the numbers bear watching and could indicate trouble at some businesses finding workers due to the new immigration and deportation policies, even while the other parts of the job market remain okay.” (00:36)
  • This highlights the unique challenges small businesses face versus the broader job market.

4. Labor Force Participation and Demographics

• JP Morgan Economist David Kelly elaborates:
  • “We’re seeing a decline in the number of available workers. We’ve seen a fall in labor force participation. We’ve seen a huge turnaround in immigration.” (00:51)
  • The NFIB survey found "businesses... really can’t find the workers with the skills they need to do the job."
• Notable quote:
  • “…businesses cannot find...they’re having a very hard time finding workers at all. But they really can’t find the workers with the skills they need to do.” – David Kelly (00:58)

5. Why This Matters

• Jessica Ettinger reminds listeners, "Small business does the bulk of the hiring in the U.S.—that’s why how they’re doing is closely watched.” (01:08)
  • The episode closes by pointing listeners to further resources on CNBC.com.

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Timestamps for Important Segments

• 00:00–00:10 — Setting the scene: Slowing hiring among small businesses
• 00:11–00:25 — Labor quality concerns spike; difficulty in finding suitable candidates
• 00:36–00:48 — Effects of immigration and deportation policies on hiring
• 00:51–01:08 — Labor force participation fall, skills gap, and business impact

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Notable Quotes & Memorable Moments

• “Trouble with labor quality up by nine points... That’s 27%, the highest since the pandemic.” – Steve Leisman (00:12)
• “There’s this very funny dynamic down here where they’re not really hiring, but they can’t find the people they want.” – Steve Leisman (00:18)
• “We’re seeing a decline in the number of available workers... a huge turnaround in immigration.” – David Kelly (00:51)
• “They really can’t find the workers with the skills they need.” – David Kelly (01:03)
• “Small business does the bulk of the hiring in the U.S.—that’s why how they’re doing is closely watched.” – Jessica Ettinger (01:08)

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Tone & Style

The episode maintains CNBC's signature brisk, fact-filled, and informative tone, blending on-the-ground economic data with broader labor market analysis. Experts deliver succinct, clear commentary that resonates with both small business owners and those following broader economic trends.

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This minute-long episode swiftly unpacks recent headwinds in the small business job market—pinpointing labor quality, immigration policies, and skills gaps as key hurdles for Main Street America.

Transcript

[A]

With a CNBC you Money minute, I'm Jessica Ettinger. Small business hiring continues to slow. Small businesses have jobs, but many just can't find workers.

[B]

Here's the interesting move here. Trouble with labor quality up by nine points. We've never seen anything like that. That's 27% of the highest since the pandemic. So we have this very funny dynamic down here where they're not really hiring but they can't find the people they want.

[A]

Some CNBC senior economics reporter Steve Leisman with data from the NFIB survey. That's the National Federation of Independent Business. They represent small businesses.

[B]

Oliver Allen at Pantheon says the numbers bear watching and could indicate trouble at some businesses finding workers due to the new immigration and deportation policies even while the other parts of the job market remain okay.

[A]

And JP Morgan economist David Kelly has more.

[C]

We're seeing a decline in the number of available workers. We've seen a fall in labor force participation. We've seen a huge turnaround immigration. And if you look at that National Federation of Independent Business survey there, businesses cannot find they're having a very hard time finding workers at all. But they really can't find the workers with the skills they need to do.

[A]

The job does the bulk of the hiring in the U. S. That's why how they're doing is closely watched. Lots more on [e-mail] I'm Jessica Edinger.

[D]

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