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Small Business Owners Have No Plans To Hire In Coming Months
Newtek Business Services, Inc. announced today the findings of its SB Authority Market Sentiment Survey, a monthly window into the concerns of independent business owners. Based on a poll of over 1,500 respondents, the key finding from the May survey is that only 30% of business owners plan on hiring in the next 3 to 6 months. Additionally, 51% of business owners say their company hires employees who have just graduated from college.
The full May 2014 results showed the following:
Do you plan on hiring in
the next 3 to 6 months? Yes 30%
No 70%
Does your company hire
employees who have just graduated
from college? Yes 51%
No 49%
Barry Sloane, Chairman, President and CEO commented, "According to the Small Business Administration, about 70% of new job growth in the United States comes from small businesses. Our May survey depicts a lack of intention in our small business clientele to hire over the next two quarters and that the trend of a jobless economic recovery may continue. Although we have seen the United States unemployment rate fall from about 10% to 6.3%, the historic measurement of employment trends in the U.S. has proven to be misleading. The labor department's U-6 measure, currently at 12.3%, which essentially identifies the amount of workers that are eligible to work but are not working, including people who have left the labor force, is a more useful measure. In order for the economy to recover there need to be more workers in the total population that are earning a wage and who can be clients of small businesses. Once this begins, we anticipate the small business economy picking up."
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