Unemployment has improved because corporations are investing more, consumers are spending more and small businesses are receiving more business-to-business sales.
The February jobs report is the best since the recovery began; unemployment went down from 8.5% to 8.2%; 257,000 private-sector jobs were added and black unemployment declined from15.8% to 13.6%.
This week President Obama forwarded to Congress a comprehensive legislative Agenda for Small Businesses. The Agenda hit the bulls eye on the views and opinions of small business owners.
The 2012 Outlook for women-owned businesses is positive; 26.1% will increase hiring in the first quarter of 2012 while only 13.3% will decrease hiring. Women business hiring will be strongest in the South and Midwest and especially in Information Technology related industries.
Hispanic/Latino CEOs do not plan to increase hiring in 2012. They are the only group where 20% of CEO will add jobs while 18% will cut jobs. Future hiring will be strongest in retail and virtually unchanged in construction. Regionally, Hispanic/Latino firm hiring will be strongest in the South.
Black CEOs plan to increase hiring significantly in 2012, more so than any other race or ethnic group; 37.4% will increase hiring vs. 15.2% who will cut jobs. Black business hiring will be strongest in the Northeast and in Information Technology.
The President’s State of the Union address should focus on how to resolve the housing crisis, make home loans more accessible, encourage corporations to pay small biz suppliers more quickly and establish a National Commission on Black Unemployment.
Women business owners are gloomy about the economy but plan to increase hiring in 2012. Their two most important strategic objectives are improving management efficiency and product and service quality.
Small businesses and minority businesses were hard hit by the recession, especially manufacturing and construction. The Gazelle Index survey shows they plan to increase future hiring.
Unemployment went down in December from 8.7% to 8.5%. But more importantly, jobs increased in industries hardest hit by the recession, manufacturing, construction and retail.