Small Business Finance News
Small Businesses Offer Glimmer Of Hope In Unemployment Report
Written by Jenna Weiner
ADP has released their latest report on national unemployment.
The most recent National Employment Report from ADP shows that private employment decreased by 84,000 from November to December 2009. This is the smallest decline since March of 2008, and it may be good news for small business owners that their ranks even showed some increases in staff.
Large businesses - defined as those with 500 or more workers - saw overall employment decline by 34,000. Medium and small businesses - defined as those with 50 to 499 workers and under 50 workers, respectively - each saw declines of 25,000 workers in December.
Each industry sector only saw employment rates drop by a marginal amount. Small businesses had the smallest drop in employment in the private nonfarm sector, with only 25 workers lost. They also lost only 36 employees in the goods-producing sector. Both represent the smallest unemployment declines in months.
Moreover, small businesses have shown some healthy hiring practices in the service-providing sector. Small businesses gained 11 employees in this sector at the end of last year.
This may indicate that the expectations that small businesses will help turn around the economy are coming to fruition; according to the Small Business Administration, SMBs have generated more than 64 percent of net new jobs over the past 15 years.
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