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No Job Growth for Small Business Spurs Recovery Doubt
Michael McKee
Bloomberg
Monday, February 8th, 2010
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, 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.
“Will you have a sustainable recovery a few years down
the road without getting some small-business spending? No,”
Cary Leahey, senior managing director at Decision Economics
Inc. in New York and a former White House economist, said in
an interview. “Wall Street gets it.”
Full
article here
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