Labor market woes: US small businesses scale back hiring plans

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US small businesses' hiring plans fell to the lowest level since the early stages of the COVID pandemic, with just 11% of small businesses surveyed in March planning to hire in the next three months, according to the National Federation of Independent Business (NFIB). More than half of small business owners reported hiring or trying to hire in March, but employment activity is waning from peak levels. The competitive labor market led to a net 38% of small businesses raising compensation. Small businesses' three-month hiring plans dipped to their lowest level since May 2020. The industry with the highest percentage of small businesses reporting job openings was transportation, followed by services and construction. Almost half of small businesses in the transportation sector reported having a job opening they can't fill. The NFIB's report comes ahead of the jobs report from the Bureau of Labor Statistics, which will provide fresh data for Fed policymakers considering potential interest rate cuts.

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https://www.foxbusiness.com/economy/labor-market-woes-us-small-businesses-scale-back-hiring-plans