Small Businesses Reducing Workers For The Last Four Months

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ADP data shows small businesses with 1-49 workers have been reducing workers for four months. Those with 20-49 workers have shed workers for 7 straight months.

The ADP Employment Report shows the economy added 99,000 jobs in August. That is a considerable slowdown.

Importantly, a breakdown of jobs by firm size shows small businesses have shed jobs for four months.

ADP Total Change in Employment Month-Over-Month

It’s important to note that employment is often positive at the start of recessions. Jobs are a lagging indicator.

ADP Change in Employment by Employer Size Year-Over-Year

Year-over-year jobs at companies sized 20-49 is down by 71,000.

ADP Total Change in Employment Year-Over-Year

Total employment year-over-year is sinking fast, led by small businesses.

Total Employment by Business Size

  • 1-19: 34.7 million
  • 20-49: 22.9.9 million
  • 50-249: 38.8 million
  • 250-499: 12.3 million
  • 500+: 23.9 million
  • Total: 132.4 million

Small businesses (49 and less) are far more important than large businesses.


More By This Author:

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Disclaimer: The content on Mish's Global Economic Trend Analysis site is provided as general information only and should not be taken as investment advice. All site content, including ...

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Comments

Jason Green 3 hours ago Member's comment

This is very bad news for Harris, but good news for Trump.