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Chicago Business Barometer Sees Some Firms Considering Slowing Hiring

MNI (London)
  • The Chicago June Business Barometer's special question asked whether increased employment costs saw firms planning to slow hiring.
  • The majority (43.9%) said no as empty positions needed to be filled in order to ensure production, whilst only14.6% of respondents said yes. A further 17.1% were somewhat looking to slow hiring, and 24.4% remained unsure, as growth outlooks remain uncertain.
  • The U.S. Bureau of Labor Statistics reported real average hourly earnings as having decreased by 3.0% y/y in the May report, underpinning pressure from employees to seek higher compensation from employers.
  • As firms grapple with inflated costs across the board, the Chicago report highlighted that some firms were considering slowing hiring against a background of uncertain growth outlooks.

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