HeraldNet - Snohomish County's online news source
Heraldnet.com
THURSDAY, DECEMBER 3, 2009 10:44 am
LocalNorthwestNation & WorldPoliticsSpecial ReportsPhotosColumnistsMultimedia 
RECENT POSTS:
• Small business lost 68,000 jobs in November  December 2

• Coupon clipping is back  December 2

• Anxiety - not uncertainty - choking holiday sales  December 2

• Washington 5th in small-biz climate rankings  December 2

• What's your plan for holiday bonuses?  December 1
Archives:
LINKS:

About us
• About The Storefront
Franchises
• Franchise registration
 • International Franchise Association
Recommended Reading
• Duct Tape Marketing
 • Small Business Trends
 • Washington Small Business Development Centers
Resources
• Development Centers
 • Economic Development Council
 • IRS barter tax tips
 • Labor and Industries
 • Seattle Score
 • Small Business Administration
 • Women’s Business Centers
 • Workforce Explorer

Startups
• IRS tips for starting a business
 • Small business planner
 • Tips for Washington state
Twitter Updates
    RELATED ARTICLES:
    • Poll finds sexting common among young people  December 3
    • Comcast to buy controlling stake in NBC Universal  December 3
    • Nation, World Briefs: CDC issues warning on Internet swine flu scam  December 3
    • Church gives trees to people out of work  December 3
    • Millions have little to do with banks  December 3
    • Job No. 1 for summit: More jobs  December 3
    • Businesss briefs: FHA may expect better credit and cash up front  December 3
    • Cracks delay Delta 757 flight from Bogota to Atlanta  December 2
    • Unemployment rises in almost half of metro areas  December 2
    • Fed survey finds recovery gaining momentum  December 2
     

    ADVERTISEMENT
    The Storefront
    November 10, 2009

     
     

    Lockhart: Recovery isn't likely to come from small businesses


    Posted at 1:45 pm

    The nation's recovery from recession will be slow and marked with high unemployment rates, Federal Reserve officials said Tuesday.

    The presidents of the regional federal banks in San Francisco and Atlanta warned that jobs won't likely rebound for several years, and said small businesses probably won't play the stimulus role they have in the past.

    Dennis Lockhart, president of the Federal Reserve Bank in Atlanta, said a “very slow net job gains” may occur “sometime next year," according to the Associated Press.

    The AP reports: Small businesses — which held up reasonably well in the 2001 recession — have been clobbered by the downturn, accounting for about 45 percent of net job losses through the end of 2008. During the last two economic recoveries, small businesses contributed about one-third of net job growth. Lockhart said he doubted that would be the case this time.

    Many small businesses rely on community banks for credit, such as Everett's Frontier and Cascade banks. But those types of banks are drowning in commercial real estate loans -- an area largely in default -- meaning credit is hard to come by.

    Lockhart said he is “particularly concerned” about that linkage, according to the AP.
    READER COMMENTS
    Be the first to comment.
    You must be a registered user and verify your e-mail address to post comments to blogs or articles on HeraldNet.

    To register, click here. To read other terms and conditions, click here.
    Log in or register to post new comment | Log out
      Return to The Storefront
    View All Coupons

    25% off Bath & Groom
    New Customers
    Smokey Point Grooming

    Holiday Getaway
    $99 dbl Occupancy
    Manresa Castle

    Always Free
    Transmission Diagnostic
    Danas Transmission

    $1 off French Dip
    $4.99 Burger Basket
    50th Street Burger

    Nutcracker
    Family Packs Available
    Pacific Northwest Ballet

    FREE 6 lb. Pad w/
    30yd Carpet Purchase
    Completely Floored

    20% Off Dinner
    Up to $75 Value!
    Sockeye's Restaurant

    Buy 1 Get 1 FREE
    Lube Oil Filter
    American Car Care Center

    Lube, Oil & Filter
    Buy 1 - Get 1 FREE
    American Car Care Center

    75% OFF
    Many Items. Hurry!
    Eagle Furniture

    Over 1 Million Lights
    Lights of Christmas
    Warm Beach Camp

    Oil - Snohomish County
    Low Prices - Fill Now!
    American Distributing

    15% Off
    All Repairs!
    AAMCO Trasmissions

    Buy 1 Dinner Entree
    Get 2nd 50% Off
    Changs Mongolian Grill

    $5 Off
    Stylecut
    Third Dimension Salon

    Holiday Specials
    up to 25% off!
    Wild Birds Unlimited

    $2 OFF
    at Box Office
    Everett Silvertips

    15% Off
    All Repairs!
    AAMCO Trasmissions
    TODAY'S TOP JOBS
     View All Top Jobs 
    Top Cars
    >> view all top cars
    >> view all cars
    Top Homes
    >> view all top homes
    >> view all homes

    ADVERTISEMENT
    |Contact Us |Advertiser Services |Home Delivery |Newsstand Locations |Classifieds |Feedback |About the Company |Work@the Herald |Site Map
    © 2009 The Daily Herald Co., Everett, WA.