NFIB: Small Business Workforce at Standstill

The National Federation of Independent Businesses reported on Thursday that its October jobs survey showed that small business owners reported a reduction in employment for the fifth month running, reports CNBC Executive News Editor Patti Domm.

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Domm looks at forecasts in advance of the October employment numbers, which are expected to be released at 8:30 a.m. ET on Friday.

Mark Zandi, chief economist at Moody's Economy.com says small businesses are having a tough time because of the sectors they are in. "They're in construction, financial service, like mortgage brokers and retailing. They're under more pressure cyclically. Getting equity capital is still hard. It's a problem for startups."

Zandi predicts it could take until the 2012 presidential election for businesses to feel that "the coast is clear" and begin hiring, reports Domm. Zandi also says that seasonal retail hiring is one area that may show an unexpected improvement.

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