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Survey Shows Interesting Trend within U.S. Small Businesses
Published on Jul 6, 2011
Read 'Survey Shows Interesting Trend within U.S. Small Businesses' at 'Time to Start Up,' the small business blog by BizFilings.
A recent survey done by Intuit found U.S. small businesses would rather give their current employees more hours, and add to their wages, instead of bring on new employees.
According to the survey, the average amount of hours for hourly-paid employers grew 0.2 percent in June, while monthly pay also grew 0.2 percent.
“It’s good to see an increase in the number of hours worked. It’s not clear what’s driving this rise,” said Economist Susan Woodward, who helped develop the survey.
However, the increase in hours worked has led to a decrease in new jobs that are being created by small businesses. In May, small businesses increased employment by 60,000, but in June, that number fell to 45,000. Such statistics are troubling after the economy struggled the first half of the year.
According to a survey conducted by National Federation of Independent Business, only 5 percent of small business owners believe it is currently a good time to expand. Seventy-one percent of of those owners blame the economy.