On top of inflation, tax hikes, and a recession, small businesses are still struggling with a record worker shortage of nearly two years into the Biden Administration, according to the Bureau of Labor Statistics’ latest Job Openings and Labor Turnover (JOLTS) survey.

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Key Takeaways:

• There were 10.3 million job openings in October, marking the 16th consecutive month of job openings surpassing 10 million under President Biden.
• There are currently 1.7 job openings for every job seeker, remaining near historic highs.
• Hiring has declined seven out of the last eight months – a signal that the economy is slowing down.
• Quit rates have declined six out of the last eight months, signaling that workers are losing confidence that they can find a better job.
• Unless President Biden finally addresses the labor shortage, Biden-Flation will remain at 40-year highs.

Key Background:

Main Street businesses are forced to raise prices to keep up with inflation, which, in turn, get passed on to American consumers.

• American consumers suffer as record high labor costs means small business owners are forced to pass costs on through higher prices to stay afloat.
• More than 40 percent of U.S. small business owners said they couldn’t pay rent on time or in full for the month of November – the highest this year – according to a new survey.

READ: Prices Outpace Wages Under Biden-Flation, Creating Hidden Tax

Small businesses have struggled through President Biden’s cruel economy with inflation, a worker shortage, and now more tax hikes and a recession.

• At least 30 percent of business owners reported inflation as the single biggest challenge in operating their business.
• More than half of top job creators have warned that inflation has yet to reach its peak.
• At least 91 percent of top job creators are bracing for a Biden Recession, prompting more than half to consider layoffs in the next six months, according to a recent study.