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Small-business job retention rates in New Jersey match national reports showing no drastic reduction in work force numbers, but on the flip side, job creation remains low.
According to the National Federation of Independent Business' Small-Business Optimism Index for January, job growth improved from the previous month, but only to net no new workers, as 78 percent of the 2,155 small-business owners polled nationally indicated they made no net change in employment. However, reports of reduced employment were at their lowest level since October 2007.
"Everyone seems to be in a holding pattern," said Laurie Ehlbeck, NFIB's New Jersey state director, in prepared remarks. "Our members still say they're just getting by. There's nothing in the economy or the news that can create any momentum for small businesses."
The New Jersey Small Business Development Center is more upbeat, though, and said its small-business clients across all industries saved nearly 9,000 jobs in 2011 through more than 19,000 hours of business counseling and training seminars from the nonprofit and over $42 million in secured public- and private-sector financing, according to Deborah Smarth, chief operating officer and associate state director. Though the network assisted 677 clients in starting new businesses and its total clientele of 5,741 small businesses generated over $510 million in sales revenues last year, those clients only created about 1,500 new jobs total.
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