Findings From Small Business Credit Survey (SBCS) Chartbooks
The 2022 Small Business Credit Survey (SBCS) Chartbooks were recently released and provided valuable insights into issues surrounding small businesses. The SBCS is a collaboration of all 12 Federal Reserve Banks and highlights challenges that business owners face as well as key owner and business demographics. The survey answers important questions including how small business challenges vary by state, how different minority owners differ in growth expectations, and how credit-seeking experiences of women-owned firms compared to men.
Source: FED Small Business
GoDaddy Introduces Productivity-Boosting AI Tools
GoDaddy has introduced three new products and services that utilize generative artificial intelligence (AI) to simplify time-consuming tasks and enhance business growth for entrepreneurs. The AI tools were developed to decrease the effort required for content creation and free up time for business owners. The three new products include AI-powered online store product descriptions that generate compelling summaries from product photos, a Conversations app for efficient customer service communication with AI-powered message summaries and suggested responses, and generative AI for creating captivating Instagram and Facebook ads. GoDaddy plans to release more AI-powered solutions in the future. These tools offer small businesses an opportunity to save time and leverage AI for growth and efficiency.
Source: Small Business Trends
ADP Report: Small Businesses Saw 235k Gain
According to the May ADP National Employment Report, small businesses in the United States added 235,000 jobs, contributing to an overall job gain of 278,000 across all business sizes. On the other hand, large businesses experienced a loss of 106,000 jobs. The report highlights the strong hiring trend in recent months, with small businesses making up for the decline in employment at larger companies. The sectors with the highest job gains were Leisure/Hospitality, Construction, and Natural Resources/Mining. However, Manufacturing, Financial Services, Professional/Business Services, Information, and Education/Health Services saw job losses.
Source: Small Business Trends
GoDaddy & UCLA Research Reveals Microbusinesses Create Nearly 7 Jobs Each
According to research conducted by GoDaddy and UCLA, each online microbusiness entrepreneur is associated with the creation of approximately 6.7 jobs at the county level. The GoDaddy/UCLA Anderson Forecast Microbusiness Activity Index (MAI) indicated a slight decline in overall microbusiness activity at the national level after reaching its peak in April 2022. While some metro areas with lower infrastructure scores were catching up in terms of growth rates, the overall MAI declined due to rising interest rates and a slowing economy. The research emphasized the economic impact of microbusiness owners and the need to support entrepreneurs for local job growth.
Source: PR Newswire
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