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Hiring Plans Hit Seven-Year Low

 

Hiring plans at the nation's small businesses have dropped to their lowest point in seven years, OPEN from American Express reported Monday.

In a nationwide survey of more than 600 small-business owners, only 31 percent said they were planning to hire full or part-time staff within the next six months, down from 34 percent in the same period last year.

Despite the decline in hiring plans, 57 percent said of respondents said they were willing to take on risk in order to grow their business, while 37 percent cited growing their business at their company's main priority, the survey found.

"Small-business owners are on the front lines, dealing with issues like health care, the housing market, and interest rates, so they know first-hand where we are as a country," Susan Sobbott, president of OPEN from American Express, said in a statement. "It says a lot about the attitude of small-business owners that they remain optimistic in the face of this difficult environment."

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