U.S. franchise owners hired at an above-average pace in January while the U.S. economy outstripped expectations with 257,000 new jobs created and a gain in wage growth.
The pace of hiring is one of the best economic indicators – it not only predicts future consumer demand, but it is a key indicator giving prospective franchise owners confidence to invest in new business locations.
Local franchise owners hired 26,000 new employees in January, according to the ADP National Franchise Report. “Though down from a strong December, franchise job gains in January were still above the twelve-month average,” said Ahu Yildirmaz, vice president and head of the ADP Research Institute. “In general, small business hiring was off from the previous month throughout the labor market.”
Meanwhile, the overall pace of hiring for all companies accelerated sharply during the winter, including the biggest increase in private-sector job creation since 1997. The U.S. has added an average of 336,000 jobs in the past three months, including a whopping 423,000 gain in November, revised government figures show – Read more at MarketWatch.
