U.S. Businesses Prepare To Lay Off Workers

Information from the Alignable July Hiring Report and the Bureau of Labor Statistics claim nearly half of all American businesses will freeze, or release, new hires because of rising inflation.

About 45 percent of small business owners in the United States are freezing the hiring of new workers because of high labor costs and skyrocketing inflation, according to the Alignable July Hiring Report.

The report, released July 21, followed the latest U.S. Bureau of Labor Statistics data showed consumer prices rose 9.1 percent in the past year, the highest in more than 40 years. Meanwhile, the BLS producer price index rose nearly the highest ever at 11.3 percent in the previous 12 months.

One of the other problems is many business operators believe – rightfully so – a recession is coming.

“This represents a significant hiring shift, and is largely a reaction to mounting labor costs, skyrocketing inflation, fears of a recession, and rising interest rates,” said Alignable.

The survey found that 4 percent of small businesses were planning to lay off staff and that “some employers noted that they have learned to live without the extra staff, making other changes and/or working longer hours themselves.”

Normally I wouldn’t ruin your Monday with this crap, but sadly, the White House believes this is the best way going forward. Plus, it’s a Monday, and everyone already hates Mondays.