Detroit City Wire

Job market conditions remain challenging for small businesses, according to recent data. In January, 35% of small businesses reported job openings they could not fill, a figure unchanged from December. Additionally, 52% of small businesses hired or attempted to hire in January, marking a decrease of three points from the previous month. Of those hiring, 90% reported encountering few or no qualified job applicants, an increase of one point from December.

Plans for job creation among small business owners have also slightly decreased. Eighteen percent are planning to create new jobs within the next three months, down by one point from December. Meanwhile, wage increases were observed as 33% of small businesses raised wages in December, four points higher than the previous month.

The demand for skilled workers remains steady with 29% of small businesses having openings for skilled positions, while openings for unskilled labor dropped by three points to 10%. The construction sector appears particularly affected with 45% reporting unfilled job openings, an increase of four points since December.

For further insights into these trends, refer to the National Federation of Independent Business (NFIB) Jobs Report published on February 6, 2025.

In terms of sales performance, small businesses experienced continued strong spending following the holiday season. Month-over-month sales increased by 0.5% in January compared to December. Year-over-year sales showed a significant rise of 5.1% compared to January 2024.

For more details on sales data, consult the Fiserv Small Business Index released on February 3, 2025.