A recent survey by the National Federation of Independent Business indicates that more than 25% of small business owners felt the current economic downturn is threatening their ability to survive.
Context: Definition of SME: Fewer than 5000 employees; represent 99.7% of all employer firms; employ about half of all private-sector employees; pay nearly 45% of total U.S. private payroll; have generated 60% to 80% of net new jobs annually over the last decade; create more than half of nonfarm gross domestic product (GDP); hire 40% of high-tech workers (scientists, engineers, and computer workers); made up 97.3% of all indentified exporters and produced 28.(% of the known export value in fiscal 2006 (Source: Small Business Administration); Wall Street Journal
According to Bernard Sands retail bankruptcies are rising this year as the consumer spending drought, brought on by high fuel prices, rising food prices, the housing slump, a severe credit crunch and a weakening job market, has reached a critical level. The retailing landscape is shifting, with vacancies at the nation’s malls and strip centers on the rise. Bernard Sands is a credit ratings and service company. Bernard Sands monitors hundreds of thousands of companies, including over 100000 retailers and distributors. www.bernardsands.com/
BIIA Newsletter November 2008 Issue
