Major Developments Major Developments by Calendar Year

As per the National Federation of Independent Business’s monthly employment poll, about 10 percent of jobs were added by small businesses last month, which has increased from 5 percent. As per the July report, there was a loss of 0.15 workers per firm for the past 3 months which is down from June’s loss of 0.28. This implies that the private sector employment rate is improving. But, still there is a need for the new jobs to be created.

As per a poll by Reuters who polled economists reported that there was a slight increase in unemployment rate from 9.5 previous month to 9.6 in July. There is an expectation that the private employers would add 90,000 positions. There is a overall payroll decline of 65,000.

About 10 percent of the small businesses firms are planning to decrease employment which has increased by 2 percent from the previous month. Only 9 percent of the small business firms were planning to create new posts which has decreased by 1 point.

As per the poll on NFIB member firms, small businesses are the main source of increase in employment. But, these firms are reluctant to hire because of the uncertainty of pace of recovery and weak sales.

• About 70 million income is generated by 27 million small businesses in United States.
• 99.7 percent of employer firms in United States is represented by small businesses.
• One third of the American voting public is represented by members of the small business community.
• Small businesses employ about half of all private sector employees.
• They pay about 45 percent of total United States private payroll.
• They also create an average of 4,000 jobs per day.
• They create about 90 percent of new jobs in United States.
• Small businesses hire about 40 percent of the high tech workers.
• About 6 trillion dollars in revenue is generated by small businesses each year. This is equivalent to the second largest economy in the world.
• About 97.3 percent of all identified exports are exported by small businesses.
• 13 times of patents are produced by small businesses when compared with large firms.
• About 50 percent of non-farm private gross domestic product is created by the small businesses.
• About 12.5 percent of small business owners are immigrants in United States.
• Immigrants are 30 percent more likely to start a new business when compared with non-immigrants.
• In the growth of small businesses, Hispanics are key drivers. About 2.5 million plus are current Hispanic-owned business segments. They generate more than $388 billion annually.
• About 1 million are black owned small businesses in America. They account for over $100 billion in annual sales.
• 13.1 million people are employed by women through their small businesses. They generate 1.9 trillion in annual revenue.
• As per a report by Intuit Future of Small Business, majority of teens are preferring to own their own business rather working for a large corporation.