Equality State News

The latest jobs report from the National Federation of Independent Business (NFIB) indicates that 35% of small business owners reported unfilled job openings in January, maintaining the same level as December. The transportation, construction, and manufacturing sectors showed the highest number of job openings, while agriculture and finance recorded the lowest. Notably, job openings in construction increased by four points compared to last month but decreased by two points from the previous year.

"Small business owners are certainly feeling hopeful about the direction of the economy," stated NFIB Chief Economist Bill Dunkelberg. "However, employment remains a top concern as Main Street owners continue to face challenges in finding qualified employees to fill their open positions."

Although specific data for individual states is not available, NFIB State Director Michael Smith commented on the situation in Wyoming: "Unfortunately, finding qualified applicants remains a serious obstacle for Wyoming small business owners. This makes it harder for Main Street to grow and meet the needs of their customers. We will continue working with lawmakers to promote greater economic opportunity for all Wyomingites."

Overall hiring activity saw 52% of small business owners either hiring or attempting to hire in January, a decrease of three points from December. Of those trying to hire, 47% reported few or no qualified applicants for their open positions. Specifically, 24% noted few qualified candidates and 23% found none.

Openings for skilled workers remained at 29%, while openings for unskilled labor dropped by three points to 10%. A net 18% of owners plan to create new jobs within the next three months, which is one point lower than December's figure.

The percentage of small business owners identifying labor quality as their primary operating issue fell by one point to 18%. Meanwhile, labor costs were cited as the most significant problem by 9% of business owners, a two-point drop from December and four points below its peak in December 2021.

Compensation trends showed that a seasonally adjusted net 33% of small business owners raised compensation in January—an increase of four points from December's lowest reading since March 2021. Additionally, a net 20% plan to raise compensation over the next three months, marking a four-point decline from December.

For further details on these findings, access to the full NFIB Jobs Report is available online.