NFIB Says 14% of Small Firms Cite Record Labor Costs as Hiring Plans Hit 6-Year Low
Updated
Updated · RFD-TV · Jun 9
NFIB Says 14% of Small Firms Cite Record Labor Costs as Hiring Plans Hit 6-Year Low
2 articles · Updated · RFD-TV · Jun 9
Summary
May labor costs became the top problem for 14% of small-business owners, up 5 points from April and the highest reading in NFIB’s survey.
Hiring demand cooled even as payroll pressure persisted: unfilled job openings fell to 29%—the lowest since May 2020—while net hiring plans dropped to 9%, a six-year low.
55% of owners were still hiring or trying to hire, but 46% said they got few or no qualified applicants, helping keep compensation pressure in place.
A net 31% raised pay in May and 18% plan more increases within three months, a squeeze NFIB says could curb investment across rural suppliers, truckers, processors and local services.