Economic Recovery Not Being Felt By Small Businesses
Written by Jenna Weiner
As the economy begins to bounce back, small businesses say they aren't doing better.
Small businesses are being left behind as the economy begins its recovery, the Chicago Tribune reports.
Citing pessimistic small business news from the the recent National Federation of Independent Business Index, the paper says that entrepreneurs aren't catching the positive mood that has raised the stock market 77 percent in just over one year.
Columbia University professor of entrepreneurship Clifford Schorer told the Tribune that small businesses "are suffering in every conceivable way." Pointing out that even big businesses must have started small, he said that "government doesn't seem to know that growth comes from small business. Every new job created in the last 30 years came from small business."
Economists who have been focused on more positive news were disappointed by the NFIB survey, the paper said. In a note to clients, Goldman Sachs economist Jan Hatzius explained that the new data could indicate conditions aren't improving as firmly as once thought.
Released this week, the NFIB survey showed that small business owners continued to be pessimistic about the economy during the month of March. NFIB's index hit an eight-month low, and continued its longest-ever streak below the mark of 90.
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