This article appeared online at TheNewAmerican.com on Wednesday, November 14, 2018:
Just when concerns over the future of the U.S. economy have reached fever pitch thanks to the recent volatility on Wall Street, along comes the National Federation of Independent Business (NFIB) to calm those concerns. Its October report, “Small Business Economic Trends”, was summed up thus:
Overall, small businesses continue to support the 3 percent plus growth of the economy and add significant numbers of new workers to the employment pool.
The percent of owners with one or more unfilled openings is at a 45 year record high level.
Employment is growing faster than the population (210,000 per month this year to date), so the gains in jobs are being “fueled” in part by increased labor force participation.
Consumer optimism is also running at near-record levels, supported by rising wages and plentiful job openings.
After reviewing the numbers in each category (from “plans to increase employment” to “earnings trends”), the authors of the study concluded: “Bottom line, the October report sets the stage for solid growth in the economy and in employment in the fourth quarter, while inflation and interest rates remain historically tame. Small businesses are moving the economy forward.”
Indeed they are. The NFIB boasts membership of 325,000 small business owners, reflective of the estimated 28 million small-to-medium-sized businesses in the United States with fewer than 500 employees. That’s compared to about 20,000 companies with 500 employees or more.
And they swing a big hammer.