By Jeffrey Sparshott
In a sign of deep pessimism about the economy, U.S. small-business hiring plans plunged to their lowest level in four years last month, a survey released Thursday said.
Small-business owners’ net hiring intentions for the next 12 months dropped to -4 in November, down from a reading of +10 in July and matching the previous record low from November 2008, according to the quarterly Wells Fargo/Gallup Small Business Index survey. The November WSJ/Vistage survey of small businesses also noted a deterioration in hiring plans. (See full results of the WSJ/Vistage survey here.)
The negative reading indicates that more businesses expect to decrease the number of jobs at their company than expect to increase it–21% of owners plan to cut payrolls while only 17% plan to boost hiring. The rest expect no change.
“U.S. Small Business Hiring Plans Plunged in November”
Obama got re-elected in November.
Coincidence?
Obama is about to get a lesson in economics. Force employers to pay mandates for unskilled, undeserving low wage workers and watch as many of those jobs disappear as fast as employers can make the disapper. A willing media will actually look the American people straight in the face and sign on to Obama’s blaming Bush for ObamaCare and do it with a straight face.
John Galt.
Thank you Dr. Bernanke
Small business would increase their hiring if the Unions would get out of the way and regulations were eased. I know our racing stable would!