Think inflation is hurting Ohio employers just lately? Think again. As reported by The Center Square, the Buckeye State’s record business start-up ended months ago, when April new business registrations were down 20% from March and down 30% from April 2021. But the slowdown with it really got worse. New business registrations fell 16% in June.
In fact, the average number of new business filings per month is nearly 1,000 below the average recorded in 2021.
Secretary of State Frank LaRose’s office noted the effect of inflation on potential employers; and a survey by the American Association of Workforce Monitors that suggested 60% of those workers who participated in the online survey are concerned that their paychecks will not be enough to continue supporting their families. theirs.
It’s certainly an environment that can leave anyone a little queasy. In fact, the same survey also suggested that 28% of US adults are planning to look for a new job in the next six months; and 27% plan to start a second job to supplement their income.
It’s not so easy to tackle the inflation LaRose is worried about. Fed Chairman Jerome Powell has warned that the move to lower inflation could be a temporary detriment to overall economic growth. It is understandable then that some potential employers are being patient and shrugging off potential volatility.
In the end, small businesses that start off on the right foot will be better for Ohio.