Jobs on Rise for Small Businesses but Recovery Still Lagging

According to research from Intuit, small businesses created 55,000 new jobs in December and the November rate was revised upward to 70,000. This marks a growth of .3% in December and an annual growth rate of 3.3%. Yet, the hours worked also picked up, resulting in a December growth of .4% (2.5% for the year). In light of this, compensation per employee is up 3.4% for the year ? a slight gain of after the noted 3.3% (+-) for inflation. However, on a brighter note, the fraction of hourly people working full time is now 31%, up from 29.7% in 2010. These statistics strongly suggest the small business economy is on the rise ? as a result of growth among existing small businesses or new business development.

According to separate research, from the Georgetown Center on Education and the Workforce, unemployment among job seekers with college degrees is completely dependent on the type of major the degree represents. Given that industries are dependent on certain types of degrees this information is relevant as it provides insight into the number of individuals who are unemployed within segments of a population. For example, the risk for recent graduates within the Architecture industry are at a higher risk due to unemployment (currently 13.9%) related to the constraints the construction industry has seen since the beginning of the recession; unemployment remains high even for experienced college graduates at 9.2%. However, the numbers for those with college degrees are much better than for those with no more than a high school diploma (at 22.9%) and people who are high school dropouts (at 31.5%). It is also worth noting that the overall unemployment rate for people with graduate degrees in the Architecture industry is only 3%.

Both reports show it is important to take into account the entire picture, including the current amount of total unemployed, those who are entering the workforce, those exiting (either for retirement or returning to school), the amount of hours worked and added, the number of jobs created, and the number of jobs available because, although growth may be apparent, there will still be a time lag before the total number of unemployed drops below pre-recession levels.

Source: http://www.recruitingtrends.com/jobs-on-rise-for-small-businesses

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