Better economy leads to improvement in small business employment

A few weeks ago we wrote a post about how some small businesses are planning to gear-up for growth. Undoubtedly some of those small businesses are located in the Chicago area. One of the forms in which this growth manifests itself is in the expansion of hiring. At some point when a business starts to grow, to take advantage of that momentum, it becomes necessary to add workers.

It is fair to say that there are some Chicago employers that felt the need to add workers months ago. These small businesses likely failed to take action earlier because of the lack of clarity revolving around federal taxes. Now that a few months have passed and the tax impact is clearer, some businesses are choosing to move ahead at a cautious speed. The slow speed may have to do with a lack of qualified applicants as well.

A recent survey shows this growth trend is likely to continue with small businesses. Completed by the Harford, according to the survey results, a total of 37 percent of businesses this size plan on expanding in this way. Another survey was even more positive. It determined that 58 percent indicated that they would likely hire additional employees.

Even at a slower speed the number of new hires is growing. Compared to the month of April, the number of new jobs added increased by 16,000 in the month of May, to 58,000. Though those numbers likely sound encouraging, they are nothing compared to what the growth was when the economy was really good, such as in January 2016.

Source: CBS News, "Small businesses are hiring again - cautiously," The Associated Press, June 12, 2013

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