In October 2021, 4.2 million U.S. workers quit their jobs, and the small-business community likely felt this impact most dramatically. Small businesses often run on tight margins and with no extra staff to absorb shocks like this. Now, “Help Wanted” signs are decorating the windows of restaurants and shops, and some businesses are reducing their hours to compensate for short staffing. This past summer, job openings surged above 10 million for the first time in recorded history, which further highlights the extent of the cross-industry labor shortage.
Shorter hours and fewer customers can translate to lost revenue for businesses and the communities they impact economically.
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