Small Business Checkpoint: A Labor Market Balancing Act – September 2024 Report

The Bank of America September 2024 Small Business Checkpoint highlights several key trends:

1. Small business hiring slowed down in 2024, especially in the year's first half.

2. Payroll growth returned to pre-pandemic levels, reflecting a cooling labor market.

3. The South remains vital for job growth, while the Midwest is showing signs of improvement.

4. Payments to hiring firms by small businesses showed mixed trends, signaling challenges in attracting talent.

5. Small businesses are cautiously navigating labor market challenges, with some regions and sectors showing resilience.

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