Some small business owners may be concerned that the economy is still struggling to get out of the recession, but that's not putting a stop to job creation or revenue increases. Two recent small business barometers from Intuit reveal that the market is showing signs of stabilization.
Intuitive job creation
The Intuit Small Business Employment Index found an increase of 0.2 percent in the number of new jobs through the end of the month, making the rate increase as of May 23 2.5 percent for the year. The monthly job growth, according to the Department of Labor, is just over the projected 175,000 to 200,000 which means that small businesses are responsible for about one-fifth of all U.S. employment recovery. If you're looking for a small business loan to add to your current workforce, an online marketplace like Boefly can get your loan application to a number of lenders quickly to speed up the process.
"We need growth at this level for two more years for small-business employment to return to the level we saw in early 2007," said economist Susan Woodward in an interview with The Wall Street Journal.
Revenue raising month
The Intuit Small Business Revenue Index revealed that several key industries are seeing a slight uptick in monthly profit, while others are holding steady at previous levels. The Index doesn't yet have the same standing as it did in 2007 before the bottom dropped out, but retail and professional services are experiencing a much better economic climate in the spring, partly due to the mild weather, according to some economists. Others say the ongoing lag is because the construction industry has yet to pick upas much as often does in the warmer seasons.
Regardless of the reason, small business owners are starting to see a return to pre-recession figures. For those in need of a business loan, it could mean a better chance at financing and building both a personal dream and the American economy.