Small businesses fuel modest October job growth
Employment at small businesses in the U.S. increased by 63,000 jobs in October.
According to the ADP Small Business Report, small businesses - defined as less than 50 employees - in the service sector added 64,000 jobs from September to October. However, the report found there were 1,000 fewer jobs in the goods producing sector.
Macroeconomic Advisers LLC conducted the research using an anonymous subset of 500,000 U.S. businesses. Macroeconomic Advisers Chairman Joel Prakken says the 63,000 small business jobs added accounted for 59 percent of the 106,000 jobs added in October.
"This month's ADP Small Business Report suggests small businesses continued to hire at a moderate rate. The three-month average change in nonfarm private employment from August to October is 50,000, so October's number represents a slight firming of employment growth among small businesses," Prakken says.
The ADP Small Business Report is a monthly estimate of private nonfarm employment conducted by Automatic Data Processing Inc. and Macroeconomic Advisers LLC. Data is collected and processed with statistical methodologies similar to those used by the U.S. Bureau of Labor Statistics to compute employment from its monthly survey of establishments.
ADP is worldwide business outsourcing company that generated nearly $8 billion in revenues from 585,000 clients.
Visit DiversityJobs.com for information on Diversity in the workplace
According to the ADP Small Business Report, small businesses - defined as less than 50 employees - in the service sector added 64,000 jobs from September to October. However, the report found there were 1,000 fewer jobs in the goods producing sector.
Macroeconomic Advisers LLC conducted the research using an anonymous subset of 500,000 U.S. businesses. Macroeconomic Advisers Chairman Joel Prakken says the 63,000 small business jobs added accounted for 59 percent of the 106,000 jobs added in October.
"This month's ADP Small Business Report suggests small businesses continued to hire at a moderate rate. The three-month average change in nonfarm private employment from August to October is 50,000, so October's number represents a slight firming of employment growth among small businesses," Prakken says.
The ADP Small Business Report is a monthly estimate of private nonfarm employment conducted by Automatic Data Processing Inc. and Macroeconomic Advisers LLC. Data is collected and processed with statistical methodologies similar to those used by the U.S. Bureau of Labor Statistics to compute employment from its monthly survey of establishments.
ADP is worldwide business outsourcing company that generated nearly $8 billion in revenues from 585,000 clients.
Visit DiversityJobs.com for information on Diversity in the workplace
Labels: ADP Report, employment
<< Home