Six in 10 US Small-Business Owners Tried to Hire Last Month
Bloomberg
Published May 05, 2023 05:34
(Bloomberg) -- Six in 10 small-business owners reported hiring or trying to hire in April, with many raising pay in an effort to attract workers.
The share of those planning to create new jobs in the next three months also increased somewhat, according to data out Thursday from the National Federation of Independent Business. A net 45% reported vacancies they could not fill, up from 43% in the prior month.
“The labor market continues to be a big challenge for small-business owners,” NFIB Chief Economist Bill Dunkelberg said in a statement. “More owners are raising compensation to compete, but labor quality remains a serious problem for owners.”
A net 40% of firms reported raising compensation in the month, down slightly from the prior month but still well-above pre-pandemic levels. About a fifth plan to raise compensation in the next three months, the survey showed.
The full report, which will include data on small-business optimism and credit conditions, will be released May 9.
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Written By: Bloomberg
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