Jobs Reports: Small Businesses Continue to Play Vital Role in Job Creation
Statement by John Arensmeyer, founder and CEO of Small Business Majority, regarding the October jobs reports showing small businesses are playing a crucial role in our steady job growth
Washington, DC — With the October jobs numbers out, and the private sector adding 171,000 jobs, according to the U.S. Bureau of Labor Statistics, it’s evident our country is on its way to recovery. As the economy improves, it’s also clear businesses are becoming more confident in our ability to rebound. A scientific opinion poll also released in October found most of the country’s smallest businesses, those with 10 employees or fewer, are optimistic about the future of their business and the economy.
Additional jobs numbers out this week show small businesses are living up to their reputation as job creators, as well. Automatic Data Processing (ADP), a payroll service that calculates monthly jobs figures and breaks them down by company size, issued a report on Thursday showing 158,000 new jobs were created last month; small businesses were responsible for about half, or 77,000 of those new jobs.
The economy has added private sector jobs for the last 32 straight months and the unemployment rate has decreased to 7.9 percent. Hiring has been steadily picking up over the last 12 months, and the U.S. Bureau of Labor Statistics reports the economy has created an average of 173,000 jobs a month since July.
We still have much to do to strengthen the economy. But October’s jobs reports show we are on the right path, and small businesses have played an integral part in that progress. Small businesses create two of every three new jobs in America. When our small businesses do well, everyone does well.
About Small Business Majority
We are a national nonpartisan small business advocacy organization founded and run by small business owners and focused on solving the biggest problems facing America’s 28 million small businesses. We conduct extensive opinion and economic research and work with small business owners, policy experts and elected officials nationwide to bring small business voices to the public policy table. Learn more about us on Wikipedia and follow us on Twitter and Facebook.
We’re thrilled with the report that came out today, particularly of course the unemployment rate dropping so low, and we were hoping to find out if there are any tables available on the establishment survey that are broken down by business size, so that we might highlight small business’ role in the recent growth.