This week, the National Federation of Independent Business’s May report showed that hiring at small businesses surged this past month, according to a Wall Street Journal article.
"Owners of small companies report an adjusted average employment increase of 0.34 workers per firm over the past few months. “Few readings in the past 43 years have been higher,” says NFIB Chief Economist William Dunkelberg. This is the strongest report since February of 2006."
"Owners of small businesses are planning to continue the surge. “A seasonally adjusted net 18 percent plan to create new jobs, up 2 points and the best since November 2006,” adds Mr. Dunkelberg. And he has more good news for workers: “Reports of compensation increases gained 2 points to a net 28 percent, historically very strong.”"
"Small business appears to be surging, and owners and workers haven’t even gotten their Trump tax cut yet. This column believes that major tax relief is essential for sustained faster economic growth. But the encouraging May employment report from NFIB suggests that simply ending the Obama regulatory war on business is paying some early dividends."
The Small Business Subcommittee on Economic Growth, Tax, and Capital Access recently held a hearing in April on how small businesses are the key to economic growth. Dr. Robert Barro, from the American Enterprise Institute and Stephen Moore, from the Heritage Foundation were among the witnesses. Read more about the hearing HERE.
