Why are more businesses planning to NOT give raises in the future?

Today in Small Business News - The NFIB July labor report is getting healthier for businesses, which means labor will have less leverage at the bargaining table.

Here are the links to the articles discussed today:
https://www.nfib.com/content/press-release/economy/nfib-jobs-report-main-street-compensation-plans-fall-as-labor-costs-grow/

https://strgnfibcom.blob.core.windows.net/nfibcom/NFIB-July-2024-Jobs-Report.pdf

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