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Main Street Biz Struggle to Pay Rent and Find Workers As Economy Slows

On top of inflation, tax hikes, and a recession, small businesses are still struggling with a record worker shortage of nearly two years into the Biden Administration, according to the Bureau of Labor Statistics’ latest Job Openings and Labor Turnover (JOLTS) survey.

CLICK HERE to read the full report.

Key Takeaways:

 

  • There were 10.3 million job openings in October, marking the 16th consecutive month of job openings surpassing 10 million under President Biden.
  • There are currently 1.7 job openings for every job seeker, remaining near historic highs.
  • Hiring has declined seven out of the last eight months – a signal that the economy is slowing down.
  • Quit rates have declined six out of the last eight months, signaling that workers are losing confidence that they can find a better job.
  • Unless President Biden finally addresses the labor shortage, Biden-Flation will remain at 40-year highs.

 

Key Background:

Main Street businesses are forced to raise prices to keep up with inflation, which, in turn, get passed on to American consumers.

  • American consumers suffer as record high labor costs means small business owners are forced to pass costs on through higher prices to stay afloat.
  • More than 40 percent of U.S. small business owners said they couldn’t pay rent on time or in full for the month of November – the highest this year – according to a new survey.

READ: Prices Outpace Wages Under Biden-Flation, Creating Hidden Tax

Small businesses have struggled through President Biden’s cruel economy with inflation, a worker shortage, and now more tax hikes and a recession.

  • At least 30 percent of business owners reported inflation as the single biggest challenge in operating their business.
  • More than half of top job creators have warned that inflation has yet to reach its peak.
  • At least 91 percent of top job creators are bracing for a Biden Recession, prompting more than half to consider layoffs in the next six months, according to a recent study.

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