September 5, 2008
Small businesses actually added 20,000 jobs in August, even as larger companies shed more than 50,000 jobs.The economy as a whole registered a seasonaly adjusted loss of some 33,000 jobs, according to the ADP National Employment Report. ï¿¼The decline in August continues the recent trend in employment that is consistent with an economy that is growing slowly but has not fallen into recession," according to a statement from Joel Prakken, Chairman of Macroeconomic Advisers, LLC.
For companies with fewer than 50 employees, the figures looked like this: ï¿¼ Total small business employment: +20,000 ï¿¼ Goods-producing sector: -16,000 small business jobs ï¿¼ Service-providing sector: +36,000 small business jobs August small business job growth is still down from July's adjusted increase of 46,000, but "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,ï¿¼ said Prakken. From an industry point of view, Prakken said, ï¿¼This monthï¿¼s employment loss was driven by the goods-producing sector which declined 78,000 during August, its twenty-first consecutive monthly decline. The manufacturing sector marked its twenty-fourth consecutive monthly decline, losing 56,000 jobs... construction employment dropped 25,000. This was its twenty-first consecutive monthly decline, and brings the total decline in construction jobs since the peak in August of 2006 to 377,000. Employment in financial activities declined 2,000 during the month.ï¿¼"
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