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Overall small business hiring fell for the third consecutive month in July as cost pressures and business uncertainty increased.
Small business profitability increased again in June, but there are signs of a slowdown in hiring and business travel plans.
Though a very minor share of small firms pays tariffs directly, import costs are rising for some wholesalers and retailers.
Despite uncertainty, more small businesses are hanging “help wanted” instead of “out of stock” signs, especially in the South.
Small business profitability remains in good shape, though they cut back on discretionary spending and tapered payrolls in March.
Small business formation and employment growth remains strong, but uncertainty is weighing on spending.
Though small business revenues are rising, potential tariffs and access to credit could elevate certain cost pressures.
With hiring 20% above 2019 levels and payrolls rising, especially in services, there are signs of small business growth ahead.
Small businesses appear to be ending 2024 on a good note; we highlight four themes to watch as we head into the new year.
Holiday hiring looks tempered as overall job growth slows, but strong labor productivity is a bright spot for economic health.
As credit availability improves, access to loan financing may increase, easing small business credit card pressures.
Hiring demand is slowing modestly, but payroll growth remains positive with two areas of notable strength: services and the South.
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