NEW YORK ( TheStreet) -What happened in small business this week?
This week in small business is all about jobs and financing.
1. April jobs numbers surprise to the upside but are small businesses hiring? The U.S. workforce added 165,000 jobs in April, the Labor Department said Friday, as national unemployment fell to 7.5% from 7.6%. Payrolls were expected by economists to have risen by 145,000 jobs in April.
According to the ADP National Employment Report, which found U.S. employment increased by 119,000 jobs last month, small businesses contributed 50,000 of those new jobs, two-thirds of that number from businesses with fewer than 20 employees. The result is good but not great."April was another positive, albeit lackluster month for job creation -- but small-business owners are expressing a bit more enthusiasm in hiring plans in the months to come," National Federation of Independent Business Chief Economist William Dunkelberg said in a statement this week. According to the association's own monthly economic survey, which will be released on May 14, more small business owners are planning to hire over the next three months. Job creation plans rose 6 points, to a net 6% of small employers who are now planning to increase total employment in the next three months. "This is a nice improvement over the 4-point decline in hiring plans we saw in March," he said. "Perhaps the 'frost' in March didn't do as much damage to the 'green shoots' as many had feared." 2. Will Twitter follow Facebook with an IPO? Twitter hired Morgan Stanley (MS) managing director Cynthia Gaylor to run corporate development. Gaylor has 17 years of investment-banking experience and will focus on strategy and mergers and acquisitions, Bloomberg said Thursday. The company is "widely predicted to hold a share sale before long to help it bankroll expansion and give early funders a way to realize financial gains on their investments," the article said. 3. Speaking of public offerings... Music app Shazam has hired former Yahoo! (YHOO) executive Rich Riley as its new CEO and is planning an IPO in the near future, the company said in an April 29 press release. Andrew Fisher, who has led the company as CEO since 2005, has been appointed to the position of executive chairman, a new position. John Pearson who has been chairman since 2006 will remain on the board. Fisher said he will focus on corporate development and strategy while Riley runs the business.
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