October 17, 2023
Inflation and labor quality remain top concerns as small businesses see an increase in unfilled jobs.
Report Shows More Small Business Owners are Pessimistic About Future Conditions
- Small business owners expecting better business conditions over the next six months deteriorated six points from August to a net negative 43% seasonally adjusted; however, this is 18 percentage points better than last June’s reading of a net negative 61% and definitely is at recession levels.
- Forty-three percent (seasonally adjusted) of owners reported job openings that were hard to fill, up three points from August and remaining historically high as owners can’t hire enough workers due to few qualified applicants.
- Seasonally adjusted, a net 36% of owners reported raising compensation.
- The net percentage of owners raising average selling prices increased two points to a net 29% seasonally adjusted, still a very inflationary level.
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