Small businesses hike pay, struggle to hire workers as economy booms

Article

Small businesses hike pay, struggle to hire workers as economy booms

The May jobs report fell short of lofty expectations, adding fewer jobs than economists expected and underscoring the challenges the U.S. economy faces in trying to reboot the workforce after COVID-19 lockdowns.

Small businesses are no exception.

Data released this week by the National Federation of Independent Business (NFIB) found that a record-high 48% of small business owners in May had unfilled job openings. Additionally, 34% of owners reported having to hike pay the highest reading in the past 12 months, and 22% more expect to do so in the near future.

“Small business owners are struggling at record levels trying to get workers back in open positions,” NFIB Chief Economist Bill Dunkelberg said in a statement.

The views and opinions expressed in the article are solely those of their authors, and do not necessarily reflect the opinions and beliefs of DiversityWork.com.