The job outlook at America’s small businesses is the worst it’s ever been, according to new research.

Last month, 21 percent of small-business owners said they expected to lower head count over the next 6 months – the highest percentage recorded by the Wells Fargo/Gallup Small Business Index since its launch in 2003. In July, the last time the data was compiled, just 10 percent of bosses said they planned to shrink employee ranks.

More than six in 10 owners said they would keep their workforce steady, while 17 percent said they intended to boost hiring. That’s down from the 20 percent of bosses who said the same in July.