Small Business Hiring Key to Economic Recovery

Online, November 16, 2010 (Newswire.com) - President Obama has stated repeatedly that the economy is continuing to improve and that economic stimulus legislation is working. He praised small businesses, as "... the true engine of job growth in this country." Obama remained optimistic that, despite the damage done to the labor market during the recession, the economy is now poised to start adding the jobs people need.

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The plan to provide incentives for small businesses to hire more workers includes a $5,000 tax credit for small businesses making new hires as well as a reimbursement for the extra Social Security taxes added to their payroll by the new hires. By some estimates, more than one million small businesses are expected to add new positions to take advantage of the new program. Some analysts have predicted an increase in unsecured business loan applications as businesses try to take full advantage of the new tax credits to expand.

So far, it is way too early to know whether the program and earlier stimulus packages are having the desired effect on the economy. The number of U.S. workers filing new claims for unemployment benefits dropped slightly, while continuing claims fell to the lowest level in 18 months. The Labor Department reported that hiring gains has reduced the overall unemployment rate to 9.7%.

Job creation has a long way to go if it is to erase the average unemployment rate of 9.7% nationwide. It has been forecast that over one-million small businesses will add new positions in coming few months - as they take advantage of a newly established $5,000 tax credit.

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