Bureau of Labor Statistics Shows Sluggish Hiring in July
After adding 176,000 jobs in June, the U.S. economy gained 162,000 more positions in July, the Bureau of Labor Statistics found. The slowdown has some concerned about the rate of economic recovery across the country, and questioning how smaller enterprises will fare in the current business climate.
It wasn’t just federal data that depicted somewhat slowed job creation, but according to ADP’s National Employment Report, small businesses with fewer than 50 employees added 82,000 jobs in July, down from 84,000 in June. Smaller companies – those with fewer than 20 employees – added 51,000 new jobs to the economy. Small businesses continue to contribute to job growth across the country, and despite recent roadblocks, have added more than half a million jobs since the beginning of 2013.
Economists have been positive about the job gains as growth remains stable and payrolls continue to increase. However, the 162,000 jobs added in July fell short of expectations and the decline from the month prior shows that a full recovery may be further than just a few months away.
For small business owners who are having a hard time making ends meet, or who would like to add new hires but are not financially stable enough to do so, National Funding can help. National Funding can assist with getting a small business loan or can offer advice on finances for the small business market.