Small Business Labor Market Weakens in May

Date: June 05, 2020

NFIB’s monthly jobs report says the small business labor market weakened further in May with firms reducing employment by an average of 0.17 workers per firm. Six percent of owners reported increasing employment an average 3.3 workers per firm, and 21% reported reducing employment an average of 5.1 workers per firm (seasonally adjusted).

The U.S. Department of Labor said today that the nation’s unemployment rate was 13.3% last month and that the economy added 2.5 million jobs. NFIB State Executive Director Bill Herrle said, “The addition of 2.5 million jobs is encouraging. It could be a sign of the V-shaped recovery we’ve been hoping for. Hopefully, when Florida’s unemployment report is released on the 19th, we’ll see more and more people back at work as small businesses emerge from the shutdown.”

Click here to read NFIB’s monthly jobs report.

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