Small But Strong

August 22, 2022

The National Federation of Independent Business recently released their July jobs report with the title, Small Business Employment Remains Strong in Light of Recession Fears. The report found that: "Small businesses across the country continue to raise wages to keep employees and fill a historically high level of open positions."

49%

Reported job openings

they could not fill

(seasonally adjusted)

21%

Reported labor quality

was their top business challenge

20%

Plan to create new

jobs in the next

3 months

91%

Reported few or no qualified applicants for

the open positions

48%

Reported raising compensation (seasonally adjusted)

25%

Plan to raise

compensation in the

next 3 months

Here in Delaware, the Department of Labor shared June data and businesses collectively had 33,000 job openings while 22,700 people are unemployed. This means there are 10,300 more openings than unemployed people.

While these are challenging times that present hurdles for small businesses, let's not forget the resilience we've witnessed from this community over decades. The last couple years have been particularly challenging. Small businesses are innovative and adaptive with limited resources, and that is something to be celebrated.

We aim to do just that through our Superstars in Business awards program of which we announced our four Superstar winners last week. Congratulations to Jewish Family Services of Delaware, Action Unlimited Resources, L&W Insurance, and Schlosser & Associates Mechanical Contractors!

Uniquely Delaware

Seeking Nominations for the Gilman Bowl - The Gilman Bowl was established as a tribute to small business leadership. It is named in memory of Marvin S. Gilman, who served as an exemplary leader and a paragon of small business in Delaware. The identity of the recipient of the Gilman Bowl is held confidential until its presentation at the Superstars in Business awards luncheon on November 2.

The State Chamber's Small Business Alliance is now accepting nominations for this award of distinction to an individual–not an organization–who has made outstanding contributions to the small businesses and nonprofit organizations of Delaware. Nominate someone you know >

News You Can Use

We have yet another busy week for economic data. Tuesday starts with new home sales for July, while Wednesday brings us durable goods orders and the pending home sales index for July. On Thursday, initial and continuing jobless claims data for August is released. The week concludes on Friday with a presentation by Fed Chair Jerome Powell, July real consumer spending, and the University of Michigan's August consumer sentiment index and five-year inflation expectations.

This week's earning calls kick off with Zoom Video Communications today. Notable calls on Tuesday include Dick's Sporting Goods, Nordstrom, Macy's, Toll Brothers, and Urban Outfitters. The highlight on Wednesday will be Salesforce, while Thursday we will hear from Peloton Interactive, Dell, and Gap.

Michael J. Quaranta

President

Delaware State Chamber of Commerce

DiSabatino Construction Company, founded in 1981, is anchored by fourth and fifth generation members of the DiSabatino family. With roots in old-world craftsmanship, the DiSabatino organization has the expertise to meet the demanding needs of customers that range from large corporations to individual homeowners.