74% Of Restaurants Report Hiring Troubles In July

74% Of Restaurants Report Hiring Troubles In July
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Small businesses report hiring troubles as labor shortage grows

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Q2 2021 hedge fund letters, conferences and more

Alignable’s July State Of Small Business Report has just been released today, based on responses from 5,911 small business owners polled from 7/2/21 to 7/19/21, as well as input from 635,000 businesses over the past 16 months.

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Key findings show increased optimism, revenues and customer counts, and a decrease in the negative effects of COVID. While that’s all welcome news, more businesses are struggling with escalating inflation and a growing labor shortage. Here are some highlights:

The Good News: Majority Of Small Businesses Are Fully Open

  • 76% of small businesses are fully open: a new 2021 record, up from 68% last month
  • Revenue numbers are up by 15 percentage points in July.  Last month, 57% said they only had 50% or less of the monthly revenue they earned prior to COVID. But in July, that number dropped to 42%
  • In a related poll, 56% of small business owners said they are more optimistic about their future vs. 21% who were more pessimistic. (23% reported no change in outlook)
  • Only 22% report being significantly impacted by COVID in July vs. 30% last month.

The Not-So-Good News: Majority Of Restaurant Owners Report Hiring Troubles

  • Supply Costs Hit A New High: 80% say they’re experiencing higher supply costs than they had prior to COVID. And 27% say the costs have increased more than 25%. Both statistics represent new records for our inflation polls this year.
  • 67% of small businesses are still trying to recover. (But 33% have rebounded fully).
  • Overall, 50% of all small business owners say it’s more difficult to hire now than it was prior to COVID.
  • These industries are hurting the most: 74% of restaurant owners are struggling to hire employees, as well as 66% of small business owners in transportation, 63% in the automotive industry, 62% in manufacturing, 59% in the beauty sector, 56% in construction, and 47% of retailers.

Read the full report here.

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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