Small Businesses Contribute to Gains in Labor Market
According to the U.S. Bureau of Labor Statistics, 195,000 jobs were added to the economy in June, surpassing the median forecast that was projected months ago. Small businesses contributed significantly to the increase in hiring, although statistics are scattered on the exact numbers.
ADP reported small businesses with fewer than 50 employees hired 84,000 new employees in June, the greatest improvement in hiring since February. Another survey, conducted by the National Federation of Independent Business found hiring remained relatively flat for the second month in a row, with 11 percent of small firms hiring new workers, and 7 percent planning on hiring in the near future.
Unemployment rates for self-employed and unincorporated individuals continued to rest at around 5 percent, the same as in June 2012. This may be due in part to difficulty in obtaining loans – acquiring working capital, a small business loan, or merchant cash advance has remained hard over the past several years, despite an overall improvement in the economy.
Still, the uptick in job creation is a positive sign for the U.S. economy and small business owners who are hoping to expand over the coming years.
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