US Job Growth Driven by Small Businesses Says Fed Yellen

Federal Reserve Chair Janet Yellen is spotlighting the fact that U.S. small businesses have accounted for more than half the job gains during the nearly 5-year-old economic recovery.

The economy has regained 8.6 million jobs since early 2010, leaving it about 100,000 jobs short of the 138.4 million that existed in January 2008 near the start of the recession. More than half those jobs came from companies with fewer than 250 employees, Yellen tells small business owners in a speech at the U.S. Chamber of Commerce.

Yellen says the Fed has tried to foster the conditions for job creation by keeping interest rates near historic lows, but that “overwhelmingly, it is businesses that create jobs.”

By contrast, governments have shed 2.6 percent of their workers since early 2010.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza