Posted 4/9/2024, 8:57:00 PM
Small Business Hiring Plans Slow Down Despite Labor Shortages and Raised Compensation
- U.S. small businesses' hiring plans fell to 11% in March, the lowest level since May 2020
- Over half of small businesses reported hiring or trying to hire in March, but activity is slowing from peak levels
- 38% of small businesses reported raising compensation amid a tight labor market
- The transportation industry had the most job openings at 77%, but construction openings fell significantly
- 86% of small businesses hiring reported finding few or no qualified applicants
