The National Federation of Independent Business (NFIB) released its latest monthly Jobs Report, revealing a decline in job creation for February. This marks the highest reading since last August. Jason Espinoza, state director for NFIB in New Mexico, commented on the report, stating, “The economic recovery we thought was starting to percolate the last few months is going to take longer than hoped for.” He emphasized the importance of Congress maintaining the 20% Small Business Deduction and urged state legislatures to reconsider increasing minimum wage or adding more paid leave requirements.
The NFIB Jobs Report is a national survey conducted among small-business owners who are members of NFIB. These businesses typically employ between one and nine people and have gross sales around $500,000 annually.
Bill Dunkelberg, NFIB Chief Economist, noted that “over half of Main Street firms reported hiring or trying to hire in February, but with little success.” He highlighted ongoing compensation increases as a pressure point for small business owners seeking qualified workers.
Key findings from the report include 38% of small business owners reporting unfilled job openings in February—an increase from January and the highest level since August 2024. The sectors with the most job openings were retail, construction, and manufacturing. Conversely, agriculture and finance had fewer openings. Labor quality was cited as a primary issue by 19% of business owners, while labor costs were identified as a significant problem by 12%, nearing historic highs.
A net 33% of small business owners raised compensation in February, consistent with January’s figures. However, plans to increase compensation over the next three months decreased slightly to a net 18%.
For more information on New Mexico’s small-business news or to follow updates from NFIB New Mexico, visit their website or social media channels.
