June job creation doesn't look so good(Read article summary)
A couple of reports on June's job creation are out, and they are less than encouraging
Damian Dovarganes / AP / File
Two reports on small business job creation were released today. The bottom line is that there is little evidence that small businesses are ready to lead us out of this long and hard recession.
The Intuit Small Business Employment Index rose ever so slightly in June, showing employers adding a small number of jobs and slight increases in hours worked and compensation.
But the NFIB survey were less encouraging.
"Seasonally adjusted, 9 percent of owners hired new employees last month, a 1 point decline from May, while 16 percent reduced employment, a 3 point increase", said William Dunkelberg, Chief Economist of the NFIB. "The remaining 75 percent of owners made no change in employment. Manufacturing was the only winning sector to post average positive net growth; but job losses were posted by firms in financial, non-professional services, construction, negating any gains made."
Both surveys found some hope for July, but we have seen the optimism among entrepreneurs rise and fall throughout this long economic morass.
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