by Calculated Risk on 11/03/2011 07:28:00 PM

Note: NFIB’s monthly small business survey for October will be released on Tuesday, November 8, 2011.

From the National Federation of Independent Business (NFIB): NFIB Jobs Statement: October Brought Early Snow but Not New Jobs

Chief economist for the National Federation of Independent Business (NFIB) William C. Dunkelberg, issued the following statement ...

“The cold has set in, and it looks like it might be a long winter for small-business owners. Still hunkering down, small-business owners reported a small, but overall reduction in employment, posting an average reduction of 0.1 employees per firm in October. ... The good news is that October’s jobs numbers are better than September’s (which showed a net decrease of 0.3 employees per firm), but still not good enough to lower the unemployment rate. ... Over the next three months ... a seasonally adjusted net three percent of owners planning to create new jobs. This is down 1 point from September and 2 points below August, the month that has, thus far, posted the strongest reading for 2011. For some context, in an expansion, this number should exhibit double digit readings."

Note: Small businesses have a larger percentage of real estate and retail related companies than the overall economy.

Here is a graph of the net hiring plans for the next three months since 1986.

Hiring plans were low in October, but still positive and the trend is up.

It is no surprise that small businesses are struggling due to the high concentration of real estate related companies in the survey. As Dunkelberg noted, "the good news is that October’s jobs numbers are better than September’s".

• On the employment report tomorrow: Employment Situation Preview: Another Weak Report