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Small Business Struggles to Find Workers Despite Optimism in Hiring Plans

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What it means: Although optimism among small business owners increased in June to 91.5, inflation remains the top problem for business owners. The Optimism Index reached its highest point since December 2023 at 91.5. Historically high levels of small business owners continue to raise compensation to attract and retain employees.

Our take: Hiring plans remain elevated but small business owners were unsuccessful overall in finding additional workers in June. Compensation pressures have contributed to inflation remaining high.

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How AI legalese decoder Can Help:
The AI legalese decoder can assist small business owners in understanding complex legal terms and regulations that may impact their hiring processes and compensation strategies. By decoding legal jargon, the AI tool can provide clarity on labor laws and compliance requirements, helping businesses navigate the hiring landscape more effectively.

Email your legislators now. Share how inflation pressures are impacting your small business.

Halfway through 2024, the NFIB Small Business Economic Trends (SBET) report revealed that even with the Optimism Index increasing to 91.5, the highest point since December 2023, small business owners remain pessimistic about future conditions. Historically high levels of small business owners continue to raise employee compensation to attract and retain employees in a tight labor market.

Hiring plans remain elevated, but small business owners were unsuccessful overall in finding additional workers in June. Thirty-seven percent of small businesses struggled to fill open positions, down five points from May.

The full Small Business Economic Trends report and NFIB Jobs Report are available for further analysis.

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By using the AI legalese decoder, small business owners can gain better insight into the legal implications of their hiring practices and compensation strategies. This tool can help them navigate the complex landscape of labor laws and regulations, ultimately leading to more informed decision-making and increased compliance with legal requirements.

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