Survey: US business hiring falls to a 7-year low

WASHINGTON (AP) — A survey has found a measure of hiring by U.S. companies has fallen to a seven-year low and fewer employers are raising pay.

One-fifth of the economists surveyed by the National Association for Business Economics said their companies have hired workers in the past three months. That’s down from one-third in July. Job totals were unchanged at 69% of companies, up from 57% in July.

A broad measure of job gains in the survey fell to its lowest level since October 2012.

The slowdown comes as more businesses report slowing growth of sales and profits. Economists also expect growth to slow in the coming year, partly because tariffs have raised prices and lowered sales for many firms.

The NABE surveyed 101 economists at companies and trade associations from Sept. 26 through October 14.

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