Small businesses hit harder during recession: NY Fed

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A paper published by the New York Federal Reserve on Thursday shows that although both large and small businesses felt the sting of job losses during the global downturn in 2007, small firms experienced disproportionate declines.

Ayşegül Şahin, Sagiri Kitao, Anna Cororaton and Sergiu Laiu, the paper's authors, study the recession's employment effects on small firms.

The results suggest that poor sales and economic uncertainty were the main reasons for their weak performance and sluggish recovery

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