SBDR: US Economy adds 273,000 Jobs to the Economy
Welcome to the Small Business Rundown. Each day, we bring you stories that impact small business owners and their workforce.
We made it through the week, and with a significantly higher number of new jobs last month than expected! Companies all over the country are continuing to find the right balance between protecting workers and customers from becoming infected while still keeping the lights on and the doors open. Finally, if you manage your boss’s family member, there are things you can do to minimize the awkwardness.
U.S. economy adds 100,000 jobs more than expected in February
The Department of Labor released its February jobs report today, showing stronger gains than expected over the past month. The majority of the new jobs were added in the healthcare, social service, technical services and restaurant sectors, though the construction industry also had a strong showing. The unemployment rate continues to hover around 3.5%
The Number: 273,000. Last month, the U.S. added 273,000 jobs to the economy.
The Quote: “If the virus does start to significantly impact the economy, the effect on jobless claims should begin to surface in March, with a greater impact in April.”
Businesses big and small grapple with impact of coronavirus
Companies of all shapes and sizes around the U.S. are doing their best to keep operations rolling despite the growing number of Americans testing positive for the coronavirus. Larger companies are generally better equipped for teleworking and digital collaboration, while small businesses find themselves in much more precarious situations.
The Number: 5,000. Twitter has encouraged its 5,000 employees to work from home. Most small businesses don’t have this luxury.
The Quote: “Much of this situation is new — not only for Uber, but for the world.”
The tricky business of managing someone related to your boss
Given the high number of American workers who land jobs through personal referrals, it’s not uncommon for managers to find themselves supervising a relative or close friend of their boss. While the relationship shouldn’t, in theory, change your approach to working with that person, in reality it most likely will. The solution? Commit to communication and fairness.
The Number: 47%. Almost half of employees believe their supervisor plays favorites.
The Quote: “Never a day goes by that I haven’t thought about what she is saying about me to her family.”
