Topics:
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.

State:
Get to know NFIB
NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.
Related Articles

July 8, 2025
Hawaii Comment on Latest Small Business Optimism Index
Congress did the right thing in not letting the 20% Small Business Deductio…
Read More

July 8, 2025
Alaska Comment on Latest Small Business Optimism Index
Good news on permanency of the Small Business Deduction
Read More

July 8, 2025
California Comment on Latest Small Business Optimism Index
Two recent actions will go a long way to fostering the state’s future pro…
Read More

July 8, 2025
Oregon Comment on Latest Small Business Optimism Index
State’s Main Street entrepreneurs got a dose of good news on July 4
Read More