This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Survey: Sandy Further Weakened Small Biz Hiring

NEW YORK (AP) â¿¿ Superstorm Sandy further weakened hiring at small businesses in November, according to a survey released Thursday.

The survey by the National Federation of Independent Business shows that nationwide, the number of workers in small businesses fell by 0.04 workers last month. In October, the number rose by 0.02 workers.

NFIB Chief Economist William Dunkelberg called Sandy's impact on hiring "substantial." The Oct. 29 storm shut down thousands of small businesses along the East Coast, and a large number of companies are still closed and have laid off workers. Moreover many residents have suffered heavy damage to their homes and aren't spending money at businesses in their communities.

The results are in line with a report Wednesday from payroll services company ADP. It said small businesses hired 19,000 workers last month, the smallest amount this year.

Business owners have been reluctant to hire this year because of the uncertain economy and because they were anxious about the results of the November election. Now many are waiting to see the outcome of negotiations in Congress on what's called the "fiscal cliff," the combination of tax increases and budget cuts scheduled to take effect Jan. 1.

On Friday the Labor Department reports on hiring in November. Although the government does not detail the number of jobs created at small businesses, most of the employers in the country are small. So the numbers will reflect the trend at those companies.

A small piece of good news in the NFIB survey was a 1 percentage point increase in the number of businesses planning to hire. But only 5 percent had such plans.

The NFIB, which lobbies on behalf of small businesses, questioned 733 of its members.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG

Markets

DOW 18,285.74 +0.34 0.00%
S&P 500 2,130.82 +4.97 0.23%
NASDAQ 5,090.7940 +19.0510 0.38%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs