Bad news: Only 2% of small businesses surveyed have plans to hire.
Good news: That's an improvement from the last survey when it was 1%
Conclusion: Green shoots.
Conclusion #2: Who cares about small business in America? They are not listed in the stock market and all we care are about are our multinationals ability to shed American jobs and sell to the Asian market. As long as that continues our (narrow) prosperity continues. In the meantime all those annoying Cramericans who do not have enough money to invest in the stock market and hence partake in the new paradigm prosperity (where income derived from stock holdings replaces the old school 'wages') have enjoyed the upteempth extension of unemployment benefits as of 2 months ago, and as of this morning another $26 billion of stimulus taxpayer money is going out to support the public sector worker. Ponzi style.
And the beat goes on. Small business owners of America - a pox on you for not understanding how super cool the new paradigm economy is. Granted, you are not handed tens and hundreds of billions of 'stimulus' every 9-12 months to keep the ponzi scheme going as if you were a state, county, city, or school district but stop your complaining. I've advised everyone who has read my website to get OUT of the private sector and INTO the public sector which is the end all, be all of the Cramerican economy; you only have yourself to blame for your striking it out on your own thinking. That's so 1964 or 1989 of you. If only we could outsource all our small businesses and then these problems would go away and Dow 35,000 would be in sight.
/tongue removed from cheek.
- Small business owners became more downbeat in July as expectations of weaker economic growth in the second half of the year reinforced a reluctance to hire, according to a survey published on Tuesday. The National Federation of Independent Business (NFIB) said its optimism index fell 0.9 point to 88.1 in July.
- Virtually all of the decline was due to weaker expectations for business conditions six months from now, said William Dunkleberg, the group's chief economist. With no pricing power and real sales volume weak, profits are not able to recover, the report said. (but other than that, everything is looking fine - the stock market says so)
- Only 2 percent of respondents said they had plans to create new jobs. That actually represented an improvement from June's 1 percent reading. (sheesh, 12 months ago the stock market would of rallied 3% on the 2nd derivative improvement)