Report: Record 63% of small businesses freeze hiring

(the Center Square) – Small businesses are increasingly unwilling to hire because they can't afford to take on new costs, according to a newly released survey.

The small business network company Alignable released the survey Wednesday. It found that 63% report putting hiring on hold "because they can't afford to add staff, and 10% of that group is laying off workers.”

“This decline is quite significant, as it's 18 percentage points higher than it was in July (at just 45%),” the report adds. “Beyond that, the percentage reducing their staff jumped 6% to 10% this month from just 4% in July.”