- Hiring plans among U.S. small businesses in March were the weakest since May 2020 when pandemic shutdowns threw the economy into recession, dropping below a key threshold some economists see as a bellwether for the wider job market, a survey out on Thursday showed.
Job growth has slowed over the last two years, averaging nearly 230,000 a month over the 12 months through February, which is down from about 350,000 a month in the year through February 2023. The NFIB report, like a separate report from payrolls processor ADP published on Wednesday, showed firms facing greater wage pressures last month. A net 38% in last month's NFIB survey reported raising compensation, up 3 points from February, which had been the lowest reading since May 2021. A net 21% plan to raise compensation in the next three months, up 2 points from February.