No Job Growth for Small Business Spurs Recovery Doubt
Bloomberg.com –
Small businesses are becoming the Achilles heel of the U.S. recovery by limiting growth and job creation.
Companies with fewer than 500 employees, such as Phoenix Technologies Ltd. and Sonic Corp, helped lead the economy out of the four recessions since 1980. This time, they continue to cut capital spending and dismiss workers, eliminating 3,000 jobs in January, according to Roseland, New Jersey-based Automatic Data Processing, Inc., the world’s largest payroll processor.
Improvement in the unemployment rate, unemployment rate, which fell to 9.7 in January from 10 percent in December, may stall later this year if these firms aren’t hiring, and growth likely won’t meet the median 2.7 percent annual rate forecast for 2010 by 67 economists in a Jan. 14 Bloomberg News survey…
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