Small Businesses Stop Hiring Amid Inflation
Our economy is in trouble and needs God’s help. Intercessors, we must constantly be praying for wisdom for our leaders.
From The Center Square. Nearly half of small business owners are not willing to hire because of labor costs and “skyrocketing inflation,” a newly released small business report shows.
The small business network Alignable released its July Hiring report which found that “45% of small businesses (SMBs) are halting their hiring, largely because they say they can’t afford to add staff.
“This represents a significant hiring shift, and is largely a reaction to mounting labor costs, skyrocketing inflation, fears of a recession, and rising interest rates,” the group said….
Alignable’s survey found the sentiment varied across industries, with 66% of gym owners reporting a hiring freeze.
“The same goes for 63% in real estate, 58% in transportation, 55% in the automotive sector, and 55% of retailers….”
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(Excerpt from The Center Square. Photo Credit: Tim Mossholder on Unsplash)
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