Welcome to the Small Business Run Down. Each day, we bring you stories that impact small business owners and their workforce.
The good news: It’s Wednesday. The bad news: Job growth is continuing to shrink. The good news: Small biz wages are rising. The bad news: The holidays are stressful for SBOs. The good news: There are ways to cope!
Job growth continues sharp slide heading into December
ADP and Moody Analytics released a report indicating that November has been 2019’s slowest month in job creation. While the economy added a total of 67,000 jobs in the non-farm sector, this number represents a sharp decrease and represents significant job losses in manufacturing, commodity production, and retail. Very small firms, with fewer than 19 employees, saw a loss of 15,000 jobs. The Bureau of Labor releases its jobs report on Friday.
The Number: 11,000. Businesses with between 1 and 49 employees added 11,000 new jobs in November.
The Quote: “The job market is losing its shine.”
Small Biz wages rise in tight labor market
The shrinking pool of qualified job applicants has contributed to the rise in small business employee wages, according to a new report. Workers in the West, Northeast and Midwest are all “outpacing” the hourly wages earned by Southern workers. Y’all.
The Number: 5.16%. Workers in the hospitality and leisure small business sector saw the biggest growth, with wages growing by 5.16%
The Quote: “Wage increases are finally beginning to reflect the tight labor market for small businesses.”
Holiday Stress? Here’s how SBOs can find calm in the festivity stress
For many SBOs, the holiday season represents the most stressful time of the year. Social and personal calendars fill up quickly while end-of-year business demands increase. Stress might be unavoidable, but not all stress is bad stress, however, and there are ways to mitigate the effect. In fact, “The ability to channel stress into positive energy is often called resiliency” and who doesn’t want to be resilient?!
The Number: 54%. If you’re feeling overwhelmed by all the good cheer, you’re not alone. 54% of entrepreneurs report feeling stressed during the holiday season.
The Quote: “If there’s an end date, keep your eyes on the prize and plan serious recovery time as a reward at the end.”