On August 31st ADP announced that private-sector payrolls rose by 91,000 for the month. The amazing thing is of those 91,000 job additions, 96.7% (88,000) came from small and mid-sized firms. Larger companies of 500 or more employees added a mere 3,000 workers in August, while medium-size businesses (50-499 workers) added 30,000 workers and small firms (fewer than 50 employees) hired 58,000 workers. Gary C. Butler, CEO of ADP said, “Small businesses continued to add the most jobs-more than half of the total of 91,000-with positive growth for the 21st straight month, and an average of 71,000 jobs a month for the past year.” The data obviously suggests that while the country continues to tread its way through troubled economic waters, it is the small and mid-sized companies who are realizing the most growth and expansion. More details and an expansive breakdown of the numbers can be found in the full ADP Report.
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