Economy & Billboard Update – 10-13-22

Part of the mission of Keystone Fair Business Partners is to bring information that impacts our businesses, families, and communities to the public. Some of our members are small business owners who are struggling with the current recession. Yes, with two straight quarters of a negative Gross Domestic Product, we are in a recession!

Click on the graph to see the information from the Bureau of Economic Analysis

Unfortunately, small businesses are struggling with labor costs and the inability to find qualified workers with almost a quarter of these businesses claiming “labor quality” is their number one operating problem. The number of unfilled job openings is 46%, DOUBLE the historical average of 23%. In fact, in September 89% of hiring business owners “reported few or no qualified applicants for their open positions,” according to the National Federation of Independent Business.

Small businesses are suffering from that “temporary” inflation which doesn’t appear to be too short-lived. Prices are rising and real wages and asset values continue to drop. Yet, “the Administration remains focused on climate change (the real content of the Inflation Reduction Act), student loans, and campaigning, nothing helpful for small businesses.“

We also wanted to give you a quick update on our mobile billboards. Here are a few stops the truck made at some local businesses. We are happy to see that the messages are being noticed! You never know when or where you might see the mobile billboards, so be on the lookout!

As G. K. Chesterton wrote, “It isn’t that they can’t see the solution. It is that they can’t see the problem.”

We are trying to make sure that they see and understand the problems. Join us in that mission and share this email with your contacts!