Some small businesses are still struggling to hire qualified workers, even as the broader picture in the U.S. job market looks much brighter.
The Dow Jones Industrial Average lost over 1,000 points on Thursday as investors wrestled with whether the Federal Reserve can successfully avoid a recession. The yield on the 10-Year Treasury was at 3.07% on Friday morning. Elsewhere, Under Amour shares fell sharply after posting a quarterly loss of $59.6 million or $0.13 per share compared to a profit of $77 million or $0.17 per share a year ago.
"Small businesses are struggling to compete with larger employers on pay and benefits and cite a lack of qualified workers," said Joe Wall, National Director of Goldman Sachs 10,000 Small Businesses Voices. Sweet Cheats had nine staffers at the pre-pandemic peak. Now Hughes has two plus herself. She’s curtailed business hours — closing time has gone from 8:30 p.m. to 6 p.m. and now 4 p.m. — giving her and her two bakers more time in the kitchen. Still, Hughes says she now works 80 to 90 hours a week.
"I don’t think it’s going to change for a while," she said. "I’m going to keep it the way it is right now, people are not willing to work just yet. I'm still having a lot of trouble finding staff." "There’s nobody to hire, there’s nobody out there looking for jobs," said Anesh Bodasing, who opened Tiffin Box, a fast-casual Indian restaurant in West Palm Beach, Florida, in 2019 with 20 staffers.
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