Small Business Finance News
Employment Levels For Companies With Less Than 300 People Reduce In July
Written by Jenna Weiner
In the latest economic reports, good news on the unemployment front is offset by news that small businesses hiring is down.
While there was good news for small businesses in that the unemployment rate went down for July, the July CBIZ Small Business Employment Index, which measures hiring trends for companies with 300 people or less, showed that hiring had decreased by 0.9 percent for July.
"It comes as no surprise that employment levels in the small business sector show a reduction for the month of July," said Philip Noftsinger, business unit president for CBIZ Payroll Services. "There is a lot of negativity in the marketplace right now, from the debate over the nation's debt limit to the recent GDP numbers for the previous two quarters."
He said that because of the negative information, small business leaders are resisting the need to replace regular attrition as they see if another recession is imminent.
According to the U.S. Labor Department, unemployment was down from 9.2 percent to 9.1 for July. The department said that 117,000 jobs were added last month, better than the previous two months.
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