The U.S. Bureau of Labor Statistics released the Job Openings and Labor Turnover Summary for November, showing little change month over month with 8.8 million job openings. The number of hires and separations decreased to 5.5 million and 5.3 million, respectively.
“The private sector has adopted a survival-oriented approach to survive today’s economic challenges,” Andrew Crapuchettes RedBalloon CEO said. “Despite the rosy picture being painted by some in Washington D.C., employers are telling us that they’re being hammered on every side by inflation, increased minimum wage mandates, government regulations, and taxes.”
This morning’s JOLTS confirmed the November Freedom Economy Index which showed that hiring plans remain on ice for most small businesses, as 64.4% say they are neither hiring nor reducing staff.
“Government statistics are slowly coming around to reflect what the small business community has been feeling for over a year,” continued Crapuchettes.
Crapuchettes finished by saying, “Job demand numbers being slightly down in November, right before the Christmas shopping season, is a bad sign for the economy. If you look at the non-seasonally adjusted numbers, every category of business is cutting back on its hiring, as the private sector adopts a survival-oriented approach.”
The Freedom Economy Index, a survey conducted by RedBalloon and PublicSquare, surveyed a universe of over 70,000 small business owners throughout the United States, fielding the questionnaire from November 30 to December 5, with 682 respondents. The survey has a margin of error of +/-4.0% at the 95% confidence level. Download the full November Freedom Economy Index here.