Political Quotes

“Mr. Chair, I would like to submit the following articles: [From the Federal Reserve Bank of New York, July 21, 2011] Economic Uncertainty and Poor Sales Help Explain Small Firms' Disproportionate Job Losses During Downturn Note To Editors New York.--The Federal Reserve Bank of New York today released Why Small Businesses Were Hit Harder by the Recent Recession, the latest article in the Current Issues in Economics and Finance series from the Research and Statistics Group. Uncertainty about economic conditions and poor sales were the main reasons why small firms experienced steeper job declines than large firms during the 2007-09 downturn, according to analysis in the article. Furthermore, although tightened access to credit and adverse financial conditions also constrained small firms, a more pressing factor was the decline in new investment and associated financing brought on by low consumer demand for the firms products and services. Between December 2007 and December 2009, jobs declined 10.4 percent in small firms (those with fewer than fifty employees). compared with 7.5 percent in large ones. In this article, Aysegul Sahin, Sagiri Kitao, Anna Cororaton and Sergiu Laiu seek to account for the downturn's disproportionate effect on small firms. The authors review data on employment patterns and industry composition of firms by size.…”