Accelerated Economic Growth Could Benefit Small Businesses

How Can Small Businesses Position Themselves for Growth in 2015?

The economy has been showing many positive signs in the past couple months, which helped boost real gross domestic product in the first quarter.

Should small businesses begin to grow with the economy, purchasing additional small business insurance may be necessary to protect new assets.

Real GDP increased at an annual rate of 2.4 percent in the first three months of the year, up from just a 0.4 percent bump in the final quarter of 2012, according to the U.S. Department of Commerce.

One factor that has been contributing to the improving economy is the employment situation. However, there was a small blip at the end of May in the form of increased initial jobless claims.

The week ending May 25 saw applications for unemployment benefits jump unexpectedly by 10,000 filings, the U.S. Department of Labor reported.

However, Bricklin Dwyer, economist at BNP Paribas, told Bloomberg this shouldn’t be a big worry.

“This week we had a bit of a pop, but we still are seeing a gradual improvement in the labor market,” he said. “The problem hasn’t really been from firing – it’s been on the other side with a lack of hiring.”