Enchantment State News

NFIB's January jobs report reveals that 35% of small business owners reported unfilled job openings, a figure unchanged from December. The highest demand for workers was seen in the transportation, construction, and manufacturing sectors, while agriculture and finance had the least. Notably, construction job openings increased by four points from last month but decreased by two points compared to the previous year.

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

Though state-specific data is not available, NFIB State Director Jason Espinoza highlighted the ongoing difficulties faced by New Mexico's small businesses: “Finding qualified applicants remains a serious obstacle for New Mexico’s small business owners. This report underscores the need for lawmakers to reject costly employer mandates and promote greater economic opportunity for Main Street.”

The report shows that 52% of small business owners were hiring or attempting to hire in January, a decrease of three points from December. Of those hiring or trying to hire, 47% reported few or no qualified applicants. Specifically, 24% found few qualified candidates, while 23% found none.

The demand for skilled workers remained steady at 29%, while openings for unskilled labor fell by three points to 10%. A net 18% of owners plan to create new jobs within three months, slightly down from December.

Labor quality concerns decreased by one point to 18%, while labor costs as a primary issue dropped two points to 9%, nearing its peak of 13% in December 2021. Compensation increases were reported by a net 33% of small business owners in January, marking an increase of four points from December's lowest level since March 2021. Meanwhile, a net 20% plan compensation raises over the next three months, which is down four points from December.