"Inflation is cooling, but the labor market is heating up. According to the BLS, job openings vaulted back over 10 million and there are nearly 2 job openings for every job seeker. Small businesses that survived historic interest rate hikes now must contend with increasing competition for people and the accompanying wage pressures.”
-- RedBalloon CEO Andrew Crapuchettes
(Moscow, ID) – The Bureau of Labor Statistics released the Producer Price Index this morning which showed that final demand declined 0.3 in May. On an unadjusted basis, the index for final demand moved up 1.1 percent for the 12 months ended in May. RedBalloon CEO says that hiring costs for small businesses have been negatively impacted by rising wages driven by a competitive talent market.
"Inflation is cooling, but the labor market is heating up. According to the BLS, job openings vaulted back over 10 million and there are nearly 2 job openings for every job seeker,” said RedBalloon CEO Andrew Crapuchettes. “Small businesses that survived historic interest rate hikes now must contend with increasing competition for people and the accompanying wage pressures.”
“This formidable reality places substantial strain upon small businesses and their hiring practices,” continued Crapuchettes. “The sustained upward trajectory in wages amplifies the already daunting challenges faced by small enterprises, compelling the imperative for innovative strategies to deftly navigate the intricacies of today's labor market."
Read more about how small businesses can overcome wage inflation here. If you would like to schedule an interview with RedBalloon CEO Andrew Crapuchettes, contact Isaac Lopez at (208) 997 – 8013 or isaac@redballoon.work.
Founded In 2021, RedBalloon has quickly become America’s largest connector of employers and employees who prioritize a positive workplace culture free from the divisiveness of cancel-culture mandates. RedBalloon CEO Andrew Crapuchettes is a longtime business leader, entrepreneur, and innovator who has founded several successful tech companies and is widely considered a global pioneer in the development and use of labor market data analytics – an industry he helped found over 20 years ago.
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