US private employers lost 32,000 positions in November, with job creation seemingly locked in a standstill, according to the private payroll processor ADP.
The firm’s revised data showed a gain of 47,000 jobs in October, coming off losses in September and August. Job creation has essentially been flat in the second half of this year, ADP said, and small businesses in particular appeared to struggle in November.
“Hiring has been choppy of late as employers weather cautious consumers and an uncertain macroeconomic environment,” ADP chief economist Nela Richardson said in a statement. “And while November’s slowdown was broad-based, it was led by a pullback among small businesses.”
About 46% of all US employees work for small businesses, according to government data.
Sounds great!