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August 2, 2024
Small Business Owners Throttling Back on Raising Pay
- A seasonally adjusted net 33% of small business owners reported raising compensation in July, down five points from last month and the lowest reading since April 2021. A net 18% (seasonally adjusted) plan to raise compensation in the next three months, down four points from June.
- Overall, 57% of small business owners reported hiring or trying to hire in July, down three points from June. Forty-nine percent (86% of those hiring or trying to hire) of owners reported few or no qualified applicants for the positions they were trying to fill. Twenty-nine percent of owners reported few qualified applicants for their open positions and 20% reported none.
- Job openings in construction were up four points from June and over half of them (55%) have a job opening they can’t fill. Job openings were the highest in the construction, transportation, and retail sectors, and the lowest in the agriculture and finance sectors.

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