Welcome to the Small Business Weekly Rundown. Each week, we bring you stories and trends that impact small business owners and their workforce.
Small Business News Highlights:
- Jobs report falls short of expectation
- Number of small businesses drops in August
- Utah tops the list for best work-life balance
- The end of unemployment benefits doesn’t mean people are going back to work
Jobs report falls short of expectation
“The Delta variant of COVID-19 appears to have dented the job market recovery.”
The official jobs report will be released by the government on Friday, but preliminary reports indicate that the United States added only 374,000 new private payroll jobs, missing earlier estimates of 600,000 new positions.
Experts point to plummeting consumer confidence in response to COVID-19 surges in late July, fueled mainly by the Delta variant of the disease.
Number of small businesses drops in August
“The leading indicators here of Main Street health and hourly employment are showing a real change from the trends earlier in the summer, and what seems to be a very clear impact of the delta variant on the economy.”
The Delta variant is also to blame for the 2.5% drop in the number of small businesses open since July. Additionally, the number of hourly employees who worked a shift dropped by 4% from July to August, suggesting that the economy is not recovering as strongly as predicted.
Utah tops the list for best work-life balance
“Utah may seem a bit off the radar. But it’s got a ton of natural beauty that pulls people away from their desks and outside, plus people there report being happier at their jobs than other places.”
The COVID-19 pandemic fueled a significant migration by workers suddenly untethered from the office. A recent analysis evaluated U.S. states and determined that Utah tops the list of places for achieving the best work-life balance.
The state with the worst work-life balance? North Carolina.
The end of unemployment benefits doesn’t mean people are going back to work
“Taking away their benefits is not going to send them back to work. It’s really going to increase poverty and reduce people’s spending.”
Federal unemployment benefits are set to expire soon, but that doesn’t mean that the economy is going to see a rush of people heading back to work.
According to research, most people who lose benefits don’t actually find jobs right away. Additionally, ending unemployment benefits often has a ripple effect on the economy as people stop spending money, which in turn impacts local businesses.
The Latest from Workest
Feeling the squeeze from the national labor shortage? Deborah Lynn Blumberg offers 7 steps to attract and retain top talent.
HR is changing. Brush up on the latest trends impacting the workforce with 61 Stats About People Operations, HR, the Workforce, Remote Work, and the Employee Experience from Jean Spencer.
Finally, before we say goodbye for the week, here are 3 things you should know:
- Some businesses are so desperate for workers they’re hiring 14 year olds.
- Bulk retailer Costco has reinstated limits on purchases as Americans begin stockpiling toilet paper again.
- #AppleToo movement begins documenting toxic workplace stories.