Small-Business Payrolls Grow
Even as larger companies shed jobs and lay off workers, smaller firms continue to hire, according to ADP.
While overall private-sector employment decreased by 8,000 jobs in September, with medium and large businesses cutting 30,000 and 6,000 jobs, smaller employers hired 28,000 new workers, the Roseland, New Jersey-based payroll firm said in a report issued this week.
Employment gains at smaller firms helped lift the nation’s weak labor market, the report said.
“This month’s growth was up from Augusts’ revised increase of 17,000, and offers a continued sign of resiliency among small-size businesses when compared to the job losses experienced at larger firms,” Joel Prakken, chairman of Macroeconomic Advisors, which compiles the report for ADP, said in a statement.
The survey is based on payroll data from 399,000 U.S. businesses.