The downward spiraling economy affected everyone in the workforce. However, as the job market and the economy slowly bounce back, confidence in small businesses is also on the rise. According to Bloomberg Businessweek, confidence in small businesses rose to the highest level since September 2008 as executives are regaining their confidence in the economy. The National Federation of Independent Businesses optimism index rose to 92.2 in May, up from 90.6 in April. However the measure is still lower than the levels reached in other economic rebounds, meaning that the recovey may take time to gain momentum. While smaller firms are starting to benefit, the organization says they are still trailing larger companies. “Small businesses have lagged the jobs recovery and the economic recovery and are likely to do so,” said John Herrmann, senior macro strategist at State Street Global Markets in Boston, to the news source. “We’re seeing the slightest of indications that business hiring and risk-taking in the form of expansion and business formations may be taking place.” According to the Bureau of Labor Statistics, the unemployment rate dropped from 9.9% in April to 9.7% in May, as 431,000 jobs were added to the work force.  |