Small businesses are experiencing a rise in confidence as they navigate the current economic landscape. According to recent data, 36% of small businesses reported unfilled job openings in November, a slight increase from October. Of those hiring, 87% reported few or no qualified applicants, showing no change from previous months.
Additionally, 18% of small business owners plan to create new jobs within the next three months, an increase of three points since October. Wage increases were also noted, with 32% of small businesses raising wages in November and 28% planning further compensation hikes over the next quarter.
The construction sector is particularly affected by labor shortages, with 54% reporting unfillable job openings, marking a six-point rise from October. This information is sourced from the National Federation of Independent Business (NFIB) Jobs Report published on December 5, 2024.
Entrepreneurship continues to attract new participants; currently, 19% of Americans benefit from small business income. Among these entrepreneurs, 26% established their businesses in 2024. The main challenges identified include customer acquisition and retention (54%), along with high prices and inflation (32%). These insights come from the Nerd Wallet 2024 Small Business Report released on December 3, 2024.
Sales at small businesses have increased compared to last year despite a slight month-over-month decline. November saw a sales drop of 1.6% compared to October but an overall rise of 4.8% compared to November last year.
Food services and restaurants experienced notable growth with a month-to-month increase of 3.1%, and an annual growth rate of 8.1%. However, average ticket sizes decreased by 1.3%. Service-based small businesses saw a monthly sales decline of 1.8%, yet achieved a yearly growth rate of 5.1%. These figures are derived from the Fiserv Small Business Index published on December 2, 2024.
Alerts Sign-up