The owners of small U.S. firms went on a hiring binge last month and continue to raise compensation to attract and retain scarce workers. That’s according to the latest monthly employment survey from the National Federation of Independent Business, due out later today.
What makes this strong desire to hire especially odd is that it is occurring even as the owners of small firms are more pessimistic about future business conditions than they’ve been in at least 48 years, according to NFIB. Nobody knows how long this situation in which operators are fearful about the future but eagerly expanding in the present will last. For now American workers still enjoy a historically tight labor market.