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Think inflation is taking its toll on Ohio employers only recently? Think again. As reported by The Center Square, the Buckeye State's record run of business startups ended months ago, when April's new business filings were a 20% decrease from March and a 30% decrease from April 2021. But the slowdown has indeed worsened. New business filings fell by 16% in June.
In fact, the average number of new business filings per month is down nearly 1,000 from the average recorded in 2021.
Secretary of State Frank LaRose's office pointed to inflation's effect on potential employers; and an American Staff Association Workforce Monitor survey that suggested 60% of those workers who participated in the survey online are worried their paychecks will not be enough to continue to support their families.
Certainly it is an environment that could leave anyone a little skittish. In fact, the same survey also suggested 28% of U.S. adults are planning to look for a new job in the next six months; and 27% plan to start a second job to supplement their income.
It's not as easy to address the inflation about which LaRose is worried. Fed Chairman Jerome Powell has warned action to reduce inflation could be a temporary detriment to general economic growth. It is understandable then that some potential employers are being patient and riding out the potential volatility.
In the end, small businesses that start out on the right foot will be better for Ohio.