Beehive State News

The National Federation of Independent Business (NFIB) released its latest monthly Jobs Report, revealing a decline in job creation for February. This report marks the highest reading since last August.

Casey Hill, NFIB's Utah State Director, commented on the findings: “The previous two Jobs Reports had given everyone a little hope that an economic recovery along America’s Main Streets might finally be underway, but the latest report shows how fragile that hope is.” Hill emphasized the need for Congress to maintain the 20% Small Business Tax Deduction and encouraged state legislatures to reduce taxes and regulations. He praised Utah as a model state in these efforts.

The NFIB Jobs Report, which surveys small-business owners across the nation, indicated that over half of Main Street firms attempted to hire in February but faced challenges. Bill Dunkelberg, NFIB Chief Economist, noted: “Over half of Main Street firms reported hiring or trying to hire in February, but with little success. Meanwhile, consistent compensation increases continue to put pressure on small business owners as they look for qualified workers to fill their many open positions.”

Key highlights from the report include a rise in unfilled job openings among small businesses to 38%, an increase from January. The retail, construction, and manufacturing sectors reported the highest job openings. Conversely, agriculture and finance sectors experienced fewer openings. Labor quality concerns increased slightly among business owners while labor costs remained a significant issue.

In terms of compensation trends, 33% of small business owners reported raising wages in February with no change from January figures. Looking ahead three months, 18% plan further compensation increases.

For ongoing updates on Utah's small-business landscape, visit www.nfib.com or follow @nfib_ut on X.

NFIB has been advocating for America's small businesses since its founding in 1943 and continues this mission today through nonpartisan efforts nationwide.