Colorado Comment on Another Dismal NFIB Jobs Report

February 2, 2023

Colorado Comment on Another Dismal NFIB Jobs Report

FOR IMMEDIATE RELEASE Contact: Tony Gagliardi, Colorado State Director, tony.gagliardi@nfib.org, or Tony Malandra, Senior Media Manager, anthony.malandra@nfib.org DENVER, Feb. 2, 2023—Release today of NFIB’s latest Jobs Report on America’s small businesses painted another dismal picture, one in which the association’s state director said the Colorado Legislature is only darkening with its clumsy touches. “If the Colorado Legislature continues its barrage of needless and senseless regulations, we’ll soon need a law against small-business abuse,” said Tony Gagliardi, Colorado state director for the National Federation of Independent Business (NFIB). “If legislators believe they’re lending a helping hand to Main Street enterprises, small-business owners can’t reach out to shake it, chained as it is to fill out the many compliance requirements this state demands, requirements which will grow in number if this Legislature has its way.” Examples Gagliardi cited include:

proposal requiring employers to make employees aware of all the state tax credits available to them, (HB 1006)
an environmental bill giving more regulatory authority over the oil and gas industry, which will only further sap the economic vitality of the small businesses reliant on it for trade and for the delivery of their goods. (SB 16)
HB 1118, a requirement that employees be given two weeks’ notice of their shifts. The last of which would be particularly onerous on restaurants and tourism, which need to make market changes almost daily.

Released on the first Thursday of every month, NFIB’s Jobs Report is one of the 10 components of the association’s Small Business Economic Trends report (aka the Optimism Index), which is released the second Tuesday of every month. The SBET/Optimism Index is considered by federal and state policymakers to be the bellwether measurement of America’s Main Street economy. The SBET/Optimism Index is a national snapshot not broken down by state. The typical NFIB member employs 5-9 people and reports gross sales of about $500,000 a year. From NFIB Chief Economist Bill Dunkelberg on Today’s Jobs Report “The labor shortage continues to be a major concern for small businesses in the New Year as nearly all owners trying to hire are reporting no or few qualified applicants. Small businesses’ sales opportunities are limited because of the staffing shortage but owners continue to make changes in business operations to compensate.” Highlights from the latest NFIB Jobs Report

Forty-five percent (seasonally adjusted) of all owners reported job openings they could not fill in the current period, up 4 points from December. The share of owners with unfilled job openings far exceeds the 49-year historical average of 23 percent although it is 6 percentage points lower than the record high of 51 percent last reached in May
Seasonally adjusted, a net 46 percent reported raising compensation, up 2 points from December, and just 4 points below the 49-year record high set in January last year.
Industries with highest percentage of job opening:

— Construction 57% — Transportation 49% — Manufacturing 46% — Services 45% — Retail 41% — Wholesale 41% — Professional 34% — Finance 30% — Agriculture 26%

Keep up with the latest Colorado small-business news at env-nfibcom-uat.kinsta.cloud/colorado or by following NFIB on Twitter @NFIB_CO or on Facebook @NFIB.CO ### For nearly 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since its founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com. NFIB Colorado 1700 Lincoln Street, 17th Floor Denver, CO 80203 303-860-1778 env-nfibcom-uat.kinsta.cloud/colorado Twitter: @NFIB_CO Facebook: NFIB.CO