Get an Edge on Rivals With Early Hiring

CHICAGO (TheStreet) -- The "jobless" economic recovery is on.

According to a Federal Reserve survey released Wednesday, many industries have stabilized or shown slight improvement in the past few months. Large corporations are cautiously investing in new equipment, while homebuilders are slowly bringing hard-hats back to construction sites.

But for workers, worries over job security continue, and with good reason. The national unemployment rate continues a steady march upward, and big companies are still shedding staff. Agricultural-technology company Monsanto(MON Quote) recently announced it will let go about 2,000 workers by the end of the year. Wireless provider Verizon(VZ Quote), which has shed 8,000 jobs so far this year, will be laying off another 8,000 by December.

Small businesses have been shrinking their payrolls along with everyone else. The 2009 Mid-Year Report by the National Small Business Association found that only 13% of small businesses would be hiring through the rest of this year, and 29% would be letting workers go. While 58% of respondents said they feel confident about the future of their business, almost half (42%) did not.

For those optimistic enough -- and brave enough -- to think about expansion, the grim employment forecasts have a considerable silver lining for small businesses. With so many people out of work, the potential talent pool is bigger than ever. Experienced candidates who would have previously focused on companies with proven track records may be more willing now to take a chance with a less well-known name.