First State Times

The National Federation of Independent Business (NFIB) released its January jobs report, indicating that 35% of small business owners reported unfilled job openings. This figure remains consistent with December's data. The highest demand for workers was observed in the transportation, construction, and manufacturing sectors, while agriculture and finance experienced the least demand. Notably, job openings in construction increased by four points from the previous month but decreased by two points compared to last year.

While specific data for Delaware is not available, Mike O’Halloran, NFIB Delaware State Director, emphasized the significance of labor market concerns for local businesses. He stated, “The labor market is still a main concern for Delaware’s small business owners. We urge the Delaware General Assembly to focus on legislation that will encourage economic growth.”

In January, 52% of small business owners attempted to hire or were hiring—down three points from December—with 47% facing challenges in finding qualified candidates. Among these employers, 24% found few qualified applicants and 23% reported none at all.

The report also highlighted that 29% of businesses had openings for skilled workers while only 10% sought unskilled labor—a decrease of three points from December.

A net seasonally adjusted 18% plan to create new jobs within three months—down one point from December—and labor quality as a top issue fell slightly to 18%. Labor costs as a primary concern dropped two points to 9%, following a high reading of 13% in December 2021.

Compensation trends showed an increase; a net seasonally adjusted 33% raised wages in January—up four points from December—and a net seasonally adjusted 20% plan further increases within three months—a drop of four points since December.