Small Business Payrolls Rebound
Led by small businesses, private-sector employment rose by 9,000 new jobs in July following sharp declines in recent months, ADP reported this week.
Businesses with fewer than 50 employees created 50,000 jobs, offsetting continued losses at midsize and larger businesses, the report said. In June, total private-sector employment fell by 79,000 jobs.
Nearly all of July's gains were in the service sector, which accounted for 74,000 new jobs. By contrast, goods producers shed about 65,000 jobs.
"These figures continue to offer evidence of the resiliency small-size businesses have demonstrated over the past several years when compared to the job losses experience at larger firms," Joel Prakken of Macroeconomic Advisers, which produces the report in partnership with ADP, said in a statement.