Small Businesses: Difference between revisions

* Forty percent of owners reported job openings that were hard to fill, down two points from July but remain historically high.

* Owners’ plans to fill open positions remain elevated, with a seasonally adjusted net 17% planning to create new jobs in the next three months. Overall, 59 percent reported hiring or trying to hire in August, down 2 points from July.

* A net negative 14% of all owners (seasonally adjusted) reported higher nominal sales in the past three months, the lowest reading since August 2020. The net percent of owners expecting higher real sales volumes declined two points to a net negative 14%.

* The net percent of owners raising average selling prices increased two points from July to a net 27% (seasonally adjusted). Seasonally adjusted, a net 30 percent plan price hikes (up 3 points).

* Seasonally adjusted, a net 36% reported raising compensation, down two points from July. A net 26% of owners plan to raise compensation in the next three months, up five points.

* The frequency of reports of positive profit trends was a net negative 25%, up five points. Among owners reporting lower profits, 28% blamed weaker sales, 24% blamed the rise in the cost of materials, 15% cited labor costs, 10% cited lower prices, 5% cited the usual seasonal change, and 3% cited higher taxes or regulatory costs. For owners reporting higher profits, 45% credited sales volumes, 29% cited usual seasonal change, and 12% cited higher selling prices.

* A net 24 percent of owners reported paying a higher rate on their most recent loan, up 1 point from July. The average rate paid on short maturity loans was 9.0 percent, half of a percentage point above last month. Twenty-eight percent of all owners reported borrowing on a regular basis (up 1 point).