Small business growth slowed in April
Most Americans—and that includes both you and your veterinary clients—are entrepreneurs or they work for one. And small business employees are being hit by the economic slowdown—but not too badly, according to payroll services company SurePayroll.
SurePayroll says small business hiring by its clients increased just 0.12 percent in April, compared to 0.29 percent growth in March and 0.32 percent growth in February. Small business hiring in big states like California and Texas experienced negative growth. The percentage of small business owners who say they're optimistic about the economy also fell in April to 52.1 percent. That's down from more than 67 percent in March, and 70 percent in February and January.
The year-to-date decline in salaries, however, stabilized in April. Year-to-date numbers for small business salaries are down across the nation, but salaries were effectively flat in April. That's welcome news, says SurePayroll's Michael Alter. "Workers have been struggling with rising costs for good, gas, and just about everything else," Alter says.
Despite the year-to-date slowdown, April marked the 16th straight month of growth. Alter put a positive spin on that: "If there's a recession underway, somebody forgot to tell the entrepreneurs."