FOR IMMEDIATE RELEASE
Contact: Jason Espinoza, State Director, jespinoza.kw@gmail.com
or Tony Malandra, Senior Media Manager, anthony.malandra@nfib.org

SANTA FE, N.M., March 6, 2025—The latest monthly Jobs Report released today by the National Federation of Independent Business (NFIB), the nation’s leading small business association, showed job creation weakening in February, its highest reading since last August.

“The economic recovery we thought was starting to percolate the last few months is going to take longer than hoped for,” said Jason Espinoza, state director for NFIB in New Mexico, in reaction to today’s report. “While it’s vital Congress keeps the 20% Small Business Deduction from expiring at the end of this year, it’s also important state legislatures across the country throttle back on ideas to increase the minimum wage or add more paid leave onto the backs of small business owners.”

NFIB’s Jobs Report is released the first Thursday of every month. It is a national survey of NFIB-member small-business owners, not broken down by state. The typical NFIB member employs between one and nine people and reports gross sales of about $500,000 a year.

From NFIB Chief Economist Bill Dunkelberg

“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.”

Highlights from the Latest Jobs Report

• 38% (seasonally adjusted) of small business owners reported job openings they could not fill in February, up three points from January and the highest reading since August 2024.
• Job openings were the highest in the retail, construction, and manufacturing sectors, and the lowest in the agriculture and finance sectors. Job openings in construction were up one point from last month, but down seven points from the prior year.
• The percent of small business owners reporting labor quality as their top operating problem rose one point from January to 19%. Labor costs reported as the single most important problem for business owners rose three points from January to 12%, only one point below the highest reading of 13% reached in December 2021. The last time labor costs were ranked this high was February 2023.
• Seasonally adjusted, a net 33% of small business owners reported raising compensation in February, unchanged from January. A net 18% (seasonally adjusted) plan to raise compensation in the next three months, down two points from January.

Keep up with the latest New Mexico small-business news at www.nfib.com. Follow us on X @NFIB_NM.

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For more than 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 our 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 New Mexico
505-417-4001
NFIB.com
X: @NFIB_NM