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Most New Jobs Come From Small Bizs
Small businesses drove much of the employment growth in July, according to a report released Wednesday by payroll manager Automatic Data Processing. Firms with fewer than 50 workers added 50,000 new non-farm jobs to the private sector this month, which offset the 41,000 jobs dropped at medium and large companies.
ADP partnered with research firm Macroeconomic Advisers to measure the change in headcount at 400,000 of ADP’s U.S. clients. Most gains came in the services sector, which includes fields such as education, financial services, health, hospitality, retail and transportation. Small services firms added 56,000 new jobs in July, according to ADP’s count.
Small companies are a reliable source of new jobs: While businesses with 50 or more employees have posted net job losses for the past six months straight, small-business employment has expanded every month since November 2002, according to ADP’s study. Last month, with a net gain of 7,000 workers, was the smallest increase in six years.
“I’m always happy to see small-businesses numbers up, because it means that even in a soft economy, entrepreneurs are still looking for ways to expand and grow,” said researcher Joel Prakken. “A lot of dynamism in the U.S. economy comes from the creation of new businesses.”
Photo by CNNMoney.com.
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cassy on August 16th, 2008 9:21 pm
“I’m always happy to see small-businesses numbers up, because it means that even in a soft economy, entrepreneurs are still looking for ways to expand and grow,” said researcher Joel Prakken.
Yes, I also feels the same way.
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