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U.S. small business hiring plans fall to 9% in May, lowest since 2020

U.S. small business hiring plans fall to 9% in May, lowest since 2020

The share of owners planning to hire in the next three months dropped to a decade low outside the pandemic, pointing to further softness in the U.S. labor market.

Fact Check
The NFIB Jobs Report press release (the authoritative primary source for U.S. small business employment data) explicitly states 'Net 9% plan to create new jobs in the next three months, down 4 points and lowest since May 2020.' This matches the claim's 9% figure, the May timeframe, and the 'lowest since 2020' characterization exactly. The claim's framing of 'a decade low outside the pandemic' is consistent with NFIB data showing the lowest level since May 2020 (which was the pandemic). Reuters independently corroborates the weakening hiring/sentiment picture. The originating Kobeissi Letter post accurately reflects the NFIB data.
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Summary

U.S. small business hiring intentions weakened further in May, with only 9% of small business owners saying they plan to hire over the next three months. That was the lowest reading since May 2020 and, excluding the pandemic period, the weakest level in 10 years. The decline adds to signs of a cooling U.S. job market, as small businesses are often viewed as an important source of hiring momentum across the economy.

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