Sooner State News

The latest jobs report from the National Federation of Independent Business (NFIB) indicates that 35% of small business owners had job openings they could not fill in January, maintaining the same level as December. The sectors with the highest number of job openings were transportation, construction, and manufacturing, while agriculture and finance had the lowest. Notably, job openings in construction increased by four points compared to last month but decreased by two points from the previous year.

Bill Dunkelberg, NFIB Chief Economist, 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.”

Jerrod Shouse, NFIB State Director for Oklahoma, echoed these concerns at a state level: “Unfortunately, finding qualified applicants remains a serious obstacle for Oklahoma’s small business owners. This makes it harder for Main Street to grow and meet the needs of their customers.”

The report also showed that 52% of small business owners reported hiring or attempting to hire in January, which is a decrease of three points from December. Of those hiring or trying to hire, 47% (90% of those hiring or trying to hire) found few or no qualified applicants for their positions. Specifically, 24% reported few qualified applicants and 23% reported none.

Regarding specific types of labor demand, 29% have openings for skilled workers (unchanged), while 10% have openings for unskilled labor (down three points).

Looking ahead, a seasonally adjusted net 18% of owners plan to create new jobs within the next three months—a slight decline from December by one point.

In terms of operating problems faced by small businesses, labor quality was cited as the top issue by 18%, showing a minor decrease from December. Labor costs as a primary concern dropped two points from December to stand at 9%, which is just four points below its peak reading recorded in December 2021.

Compensation trends showed that seasonally adjusted net figures reveal that 33% of small business owners raised compensation in January—an increase of four points since December's lowest reading since March 2021. Meanwhile, plans to raise compensation over the next three months fell by four points since December.