Most Small Businesses Don't Plan To Hire Soon

Washington, DC, July 12, 2011 -- Small business owners lack confidence in the economy and are reluctant to add to their payrolls, according to a report by the U.S. Chamber of Commerce.

More than two-thirds of owners said they aren't planning to add jobs this year or next year, while 12% planned to cut jobs, and 19% said they would expand their work forces, the study indicated.

The study in late June surveyed businesses with revenue of $25 million or less.

More than half of executives cited economic uncertainty as the main reason for holding back on hiring. About a third blamed lack of sales, and 7% said they had problems obtaining credit.