America’s tiniest employers have the highest share of job openings on record—more than one in five available positions—a sign the labor market might be tilting toward the little guy.

Solid demand for workers from small establishments, such as mom-and-pop businesses and many franchise locations, stands in contrast to a cooling labor market more broadly. It could give smaller businesses a chance to catch up on hiring with less competition from larger companies on pay and benefits, and offer refuge for job seekers as the unemployment rate creeps higher.