Another Weak ADP Payroll Report, Especially Small Businesses
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ADP reported a gain of 104,000 private payrolls. Small businesses weak again.
The ADP® National Employment Report for July shows a gain of 104,000 private jobs.
The distribution shows weakness.
ADP change in employment month-over-month by Employer Size
Small businesses, the most important employment driver only gained 11,000 jobs.
Employers with 20-49 employees shed jobs again, down 10,000.
ADP Total Employment by Employer Size
Small businesses are much more important than medium or large businesses.
ADP Change in Small, Medium, Large Employment Year-Over-Year
Year-over-year small business employment is up a mere 109,000. Medium business employment is up 331,000.
Large businesses, the least important drive of growth is providing the most jobs, up 806,000 from a year ago.
At the press conference yesterday, Powell kept referring to BLS jobs stats as if the labor marker was OK.
It was my one big disagreement with his press conference comments.
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