Small Businesses Cut Hiring Plans to 9% in May, Lowest Since 2020
Updated
Updated · Central Penn Business Journal · Jun 8
Small Businesses Cut Hiring Plans to 9% in May, Lowest Since 2020
3 articles · Updated · Central Penn Business Journal · Jun 8
Summary
A net 9% of small business owners said they plan to create jobs in the next three months, down 4 points from April and the weakest reading since May 2020.
NFIB tied the pullback to rising cost pressures and continued difficulty finding qualified applicants, even as its Small Business Employment Index was nearly unchanged at 100.3 from 100.4.
Twenty-nine percent of owners reported job openings they could not fill, down 5 points from April to the lowest level since May 2020; openings for skilled and unskilled workers also fell.
The May hiring outlook now sits below both the historical average of 11% and the 2025 average employment index level of 101.2, signaling a flatter small-business labor market.