Jobs Weak, Salaries Weaker. How Would You Assess Your Payroll?

Friday July 8 brought us the release of key economic data that didn't look very good for the economy. But were we really surprised? In a word, no. Projections, expectations, and hopes were certainly for more jobs, but with an addition of only 18,000 this past month unemployment has not bounced back up to 9.2% We have to say, none of this is surprising to us from what the businesses we serve have been reporting. What would have been surprising actually, would have been more jobs added. All signs from the small business sector we have heard (anectdotal, we understand) have pointed toward businesses staying lean and stretching productivity as much as possible.

Part 2 of the data showed a drop in wages when adjustments were made for inflation. Again we'd like to sound surprised, but we weren't. Very few business owners seems in a position to take higher salaries OR provide them, choosing instead necessary reinvestments and paying down debt service accumulated over recent years.

So, what's going on with your payroll? Steady? Still scaling down? Ready to add? Bucked the trend of late and have added? We want to hear right from the entrepreneurs' mouths, because without additions to the small business jobs sector, this will be a prolonged, jobless recovery.