Small firms' employment growth twice that of large firms in 1983.
Small firms accounted for 6 percent of the growth in construction, 2 percent in retail trade, 6 percent in finance, insurance, and real estate, and 4 percent in services. Transportation, communication, and public utilities employment declined about .1 percent, and employment was u nchanged in wholesale trade. In constrast, employment in large business-dominated industries declined in all but the finance, insurance, and real estate (up 1.5 percent) and services (up 4 percent) industries.
According to the report, "Small businesses furnish 2 of 3 workers with their first jobs. Many of these first-time positions are in the service sector, the traditional doorway to the job market for the young, minority, and unskilled jobseeker."
Over the 1980-82 period, firms with fewer than 100 employees accounted for 43 percent of the net increase in jobs. Creation of new small businesses alone added 2 million jobs. The service industry continued as the fastest growing. Employment increased 10 to 12 percent a year in small firms providing business, education, and legal services. Other rapidly growing industries included metal and anthracite mining, oil and gas extraction, real estate, social services, and security, commodity brokers, and services. Job generation slowed among small business industries in construction and wholesale and retail trade.
In addition to discussing the state of small business in 1983 and over the 1980-82 period, the 475-page report contains information on the changing industrial and size composition of U.S. business, historical pattern of small business financing, worker characteristics and size of business, export trade and small business, small business and procurement, women and minority owned businesses, development of small business data bases, export programs of the Federal Government, and Federal procurement from small businesses.
The State of Small Business: A Report of the President Transmitted to the Congress March 1984 can be purchased ($13) from the Superintendent of Documents, Government Printing Office, Washington, D.C. 20402.
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|Publication:||Monthly Labor Review|
|Date:||Dec 1, 1984|
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