Small Business Performance in the First Quarter of 2010

In May 13 of 2010, the SBA released small business performance of First Quarter statistics. The small business trends are:

  • In the first quarter of 2010, real gross domestic product was 3.2 percent.
  • There was an increase of 14.8 percent on an annual basis in real gross private fixed investment.
  • There was an increase 3.6 percent and 5.8 percent in real personal consumption and real exports respectively.
  • The non-farm payroll increased by an overall 283,000 jobs which showed a positive sign of increase in hiring. Regardless, the unemployment remained high at 9.7 percent.
  • The self-employment growth was stable.
  • In the first quarter of 2010, except construction, financial activities and information other major industries experienced net job growth.
  • Because of the Federal Reserve Board maintaining their target federal funds rate nearly around zero percent, interest rates remained very low.
  • There was overall growth in economic trends in the first quarter when compared to 2009. Poor sales are of top concern of small business owners.