Small Business Owners Have No Plans To Hire In Coming Months
June 02, 2014 -- !-- AddToAny BEGIN -->
NEW YORK, June 2, 2014 /PRNewswire/ --Newtek Business Services, Inc. (NASDAQ: NEWT), The Small Business Authority, with a portfolio of over 100,000 business accounts, announced today the findings of its SB Authority Market Sentiment Survey, a monthly window into the concerns of independent business owners. Based on a poll of over 1,500 respondents, the key finding from the May survey is that only 30% of business owners plan on hiring in the next 3 to 6 months. Additionally, 51% of business owners say their company hires employees who have just graduated from college.
The full May 2014 results showed the following:
Do you plan on hiring in the next 3 to
Does your company hire employees
who have just graduated from
Barry Sloane, Chairman, President and CEO of The Small Business Authority commented, "According to the Small Business Administration, about 70% of new job growth in the United States comes from small businesses. Our May survey depicts a lack of intention in our small business clientele to hire over the next two quarters and that the trend of a jobless economic recovery may continue. Although we have seen the United States unemployment rate fall from about 10% to 6.3%, the historic measurement of employment trends in the U.S. has proven to be misleading. The labor department's U-6 measure, currently at 12.3%, which essentially identifies the amount of workers that are eligible to work but are not working, including people who have left the labor force, is a more useful measure. In order for the economy to recover there need to be more workers in the total population that are earning a wage and who can be clients of small businesses. Once this begins, we anticipate the small business economy picking up."
About Newtek Business Services, Inc.
Newtek Business Services, Inc.,The Small Business Authority, is a direct distributor of a wide range of business services and financial products to the small- and medium-sized business market under the Newtek brand, including:
- Newtek Advantage: Mobile real-time operating platform for business intelligence. The Newtek Advantage puts all critical business transactions in real-time. Access data on your smartphone, tablet, laptop or PC as it relates to eCommerce for credit/ debit transactions, website statistics, payroll, insurance and business loans.
- Electronic Payment Processing: eCommerce, electronic solutions to accept non-cash payments, including credit and debit cards, check conversion, remote deposit capture, ACH processing, and electronic gift and loyalty card programs.
- Managed Technology Solutions (Cloud Computing): Full-service web host, which offers eCommerce solutions, shared and dedicated web hosting and related services including domain registration and online shopping cart tools.
- eCommerce: A suite of services that enable small businesses to get up and running on-line quickly and cost effectively, with integrated web design, payment processing and shopping cart services.
- Business Lending: Broad array of lending products including SBA 7(a) and SBA 504 loans.
- Insurance Services: Commercial and personal lines of insurance, including health and employee benefits in all 50 states, working with over 40 insurance carriers.
- Web Services: Customized web design and development services.
- Data Backup, Storage and Retrieval: Fast, secure, off-site data backup, storage and retrieval designed to meet the specific regulatory and compliance needs of any business.
- Accounts Receivable Financing: Receivable purchasing and financing services.
- Payroll: Complete payroll management and processing services.
Since 1999, Newtek has helped small- and medium-sized business owners realize their potential by providing them with the essential tools needed to manage and grow their businesses and to compete effectively in today's marketplace. Newtek provides its services to over 100,000 business accounts and has positioned the Newtek brand as a one-stop-shop provider of such business services. According to the U.S. Small Business Administration, there are over 27.5 million small businesses in the United States, which in total represent 99.7% of all employer firms.
The Small Business Authority is a registered trade mark of Newtek Business Services, Inc., and neither are a part of or endorsed by the U.S. Small Business Administration.
Note Regarding Forward Looking Statements
Statements in this press release including statements regarding Newtek's beliefs, expectations, intentions or strategies for the future, may be "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, intensified competition, operating problems and their impact on revenues and profit margins, anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters. Risk factors, cautionary statements and other conditions, which could cause Newtek's actual results to differ from management's current expectations, are contained in Newtek's filings with the Securities and Exchange Commission and available through http://www.sec.gov.
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SOURCE Newtek Business Services, Inc.
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