(NEW YORK) — In yet another sign that the U.S. economy is in better shape today than it was a year ago, a new report from the financial analytics firm Sageworks shows that privately owned company sales across the country are up by about 10 percent.
“The sales growth rate of private companies is strong and continues to be strong over last year,” Brian Hamilton, the chairman of Sageworks, tells ABC News Radio. “The state of the union around private companies is actually pretty good.”
The report shows net profit margins are also going up from last year. But there’s one highly unusual trend.
“I cannot recall in the past 100 years where there’s been this long of sustained growth without job creation. The last time was really during the great depression,” says Hamilton. “We’re into 4 years of growth without job creation. It is just weird.”
Copyright 2013 ABC News Radio
Parija Kavilanz, CNN
Jose Pagliery, CNN
Rob McLean and Joshua Berlinger, CNN
Madison Park, CNN