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Aug 12 / Robert Vanalstyn

Small Business statistics in Q1 2010

The U.S. economy grew at a 2.7 percent annual rate in the first quarter, less than previously calculated, reflecting a smaller gain in consumer spending and a bigger trade gap.

Small Business Performance

  • There was an annualized increase of 3.2 percent in the first-quarter of 2010 of real gross domestic products. There was a sign of positive growth and continued economic recover in the third quarter. There was an increase in the overall output by higher expenditures across the board, as there was increase in expenditures by the consumers and businesses.
  • In spite of unemployment remaining high at 9.7 percent, non-farm payroll increased by a net 283,000 jobs which was a positive sign that hiring has increased.
  • With the exception of construction, financial activities, and information, many major industries experienced net job growth during the first quarter of 2010.
  • Relatively an year ago, optimism was higher in the first-quarter by seeing broad economic trends.
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