US small businesses report slight employment decline in August

06 September 2012 21:18  [Source: ICIS news]

WASHINGTON (ICIS)--US small business owners on Thursday reported a slight drop in hiring during August, with an industry trade group saying that if US employment is to see gains this year it will have to come from large corporations.

The National Federation of Independent Business (NFIB) said that its monthly economic survey of member firms indicated that there was essentially no jobs growth among US small businesses in August.

NFIB chief economist William Dunkelberg noted that the number of jobs created by small businesses in August actually dropped by a narrow 0.5% from the July level.

“Any serious job creation this year will have to come from large firms or new small firms created to meet the needs of millions of new consumers due to population growth,” Dunkelberg said.

“But existing small businesses are unlikely to expand before the election,” he said, referring to the US national vote to be held on 6 November.

The NFIB’s report on small business jobs growth is in contrast to data issued earlier on Thursday indicating that US employment prospects may be improving, as private sector employers added 201,000 workers last month, and with layoffs and jobless benefits applications both in decline for August.

However, the NFIB report is seen as a cause for some concern, because US small businesses are the principal source for new jobs creation.

The US Labor Department is to report the official national employment and jobless figures for August on Friday.

The NFIB represents some 350,000 US small businesses.

Paul Hodges studies key influences shaping the chemical industry in Chemicals and the Economy

By: Joe Kamalick
+1 713 525 2653

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index