NEW YORK — Small business hiring bumped higher in November, extending its string of fluctuations that started early in 2018.
That’s the finding of a report from payroll company ADP, which counted 46,000 new jobs at its small business customers, those with up to 49 staffers. That total is up from 30,000 in October, and in line with a monthly average of 43,000 this year.
Small business hiring has slowed from 2017, when ADP said companies added an average 61,000 each month. Economists say hiring is being curtailed by companies’ inability to find qualified candidates to fill their open positions. And many owners have said in surveys they won’t hire until their revenue justifies the added expense and risk of taking on new staffers.
Owners may also be more cautious because the tight labour market is forcing them to pay more to attract new staffers. And while the economy remains strong, many companies are facing higher prices due to rising interest rates and the Trump administration’s trade tariffs and other countries’ retaliatory tariffs.
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The Associated Press