Small Businesses Drive Job Growth
Small businesses accounted for more than half of all private-sector jobs created in June, a new report shows.
Of 150,000 new jobs added to the economy last month, 91,000 were created by businesses with fewer than 50 employees, according to Automatic Data Processing, a Roseland, N.J.-based payroll firm.
By contrast, large business cut 4,000 jobs in June, the report said.
Small businesses in the service sector added 84,000 new jobs, while those in manufacturing added 7,000.
"Small businesses accounted for nearly two-thirds of the increase in total employment form businesses of all sizes in June," said Joel Prakken, chairman of Macroeconomics Advisers, a research firm that produces the monthly report in partnership with ADP.
The report is based on payroll data from more than 350,000 businesses.
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