Great news for the small business economy: according to the HIS Small Business Index, small business growth expanded in February to the highest level in nearly a year.
The Index expanded last month to 100.75, up .10% from January and just .08% of the pace set a year ago in February 2015. According to the study, and reading above 100 indicates growth. Further, the pace of small business growth is up .33% in the last quarter.
After spending many months hovering around 2%, small business wage growth is now just under 3%. While some of the numbers could be attributed in part to minimum wage increases, there’s no doubt that employers are also offering better compensation as the unemployment rate continues to fall and workers in certain sectors are becoming more scarce.
While early, this is a great indication of a strong year in the small business sector.