Small Business Sole Bright Spot for July Job Growth: Report
Small business continued to outperform its bigger brothers for the month of July, according to the ADP National Employment Report.Small businesses (fewer than 50 employees) added 50,000 jobs last month, a big jump from June's 7,000 increase, said payroll processor Automatic Data Processing (ADP), whose monthly report is based on 399,000 businesses with about 24 million workers on payrolls. Midsize businesses (50 to 499 workers), however, saw 9,000 jobs disappear, while large businesses (500-plus workers) saw a decline of 32,000 jobs. All told, the weakened economic climate continues, ADP said.
"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 experienced at larger firms," added ADP partner Macroeconomic Advisers.
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