The National Association for Business Economics’ October 2016 business conditions survey indicates both job gains and job losses increased in the third quarter — fewer respondents reported employment at their firms unchanged. However, fourth-quarter hiring plans edged up from three months ago.

“The results of the most recent NABE Business Conditions Survey appear consistent with an economy in its eighth year of recovery,” said NABE President Stuart Mackintosh, CBE, executive director, Group of Thirty.

“Sales growth is easing, and profit margins are under pressure from rising costs, including wages,” Mackintosh said. “At the same time, capital spending increases are expected by more than half of respondents, and the outlook for hiring has improved modestly. Panelists also modestly increased their expectations for economic growth, with over 40% now expecting GDP growth above 2% in the coming quarters.”

The share of respondents reporting rising employment at their firms over the past three months edged up to 33% from 30% in the July survey, while the share reporting a decrease in employment also rose, increasing to 15% from 11% in the same survey three months ago. Those reporting no change in employment in the past three months fell to 52% from 59%.

The share of respondents who anticipate their firms will add workers in the next quarter rose to 33% in October from 29% in the July survey, while the share expecting job reductions edged down to 16% from 18%. This results in a net rising index of 17, up from July’s index of 10 and more closely in line with readings reported in the previous four surveys.

The survey also asked panelists if their firms had difficulties filling open positions over the past three months; 43% reported their firms had difficulty filling open positions, up slightly from 40% in the July survey. Survey results indicate that goods-producing firms continued to have significantly greater difficulty in filling open positions, and all sectors except services had more difficulty in hiring during the third quarter than in the second quarter. Twenty-five percent of respondents indicate that their firms did not experience any difficulty filling open positions; just under a third of firms had no open positions during the third quarter.

NABE is a professional association for business economists and others who use economics in the workplace. The survey included 104 NABE members and was conducted between Sept. 20 and Oct. 4, 2016.