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Small Business Job Growth Holds Steady in October, According to ADP Report

November 2nd, 2016 Comments off
ADP april 2016

Small business job growth in October was unchanged from September. According to the ADP’s most recent Small Business Employment Report, which looks at job growth specific to businesses with 49 or fewer employees, small businesses added 34,000 jobs in October, the same number the ADP reported in September.

Looking at company size, very small businesses (those with 1-19 employees) added 14,000 jobs and other small businesses (those with 20-49 employees) added 20,000 jobs.

Looking at sectors, small businesses in the goods-producing sectors continue to lose jobs (down 13,000 jobs, significantly lower than the 2,000 jobs lost in September).  In contrast, small businesses in the service-providing sector are making up for the loss, having added 48,000 jobs in October.

These numbers seem to be in sync with national trends. According to the ADP’s national report, the U.S. added 147,000 private jobs across company size from September to October. (Medium-sized businesses added 48,000 jobs, and large businesses added 64,000.) Overall jobs in the goods-producing sector are down 18,000 but have spiked in the service-producing sector, which added 165,000 jobs.

If it feels as if job growth is hitting a plateau, you’re not alone. According to Mark Zandi, chief economist of Moody’s Analytics, “Job growth remains strong, although the pace of growth appears to be slowing.” Zandi attributes the slowdown in part to “businesses’ difficulty filling open positions.”

If you’re having trouble filling open positions, perhaps it’s time to reconsider waiting for the perfect applicant to come along and hire candidates with potential. Another option to consider: asking your employees for referrals, which could lead to quality hires.

Small Businesses Add 34,000 Jobs in September, ADP Says

October 5th, 2016 Comments off
ADP april 2016

Small businesses created 34,000 private sector jobs in September, according the ADP’s most recent Small Business Employment Report. The ADP reports job growth specific to businesses with 49 or fewer employees, due to the important contribution small businesses make to economic growth.

Looking at company size, both very small businesses (those with 1-19 employees) and other small businesses (those with 20-49 employees) added 17,000 jobs.

Looking at separate sectors, very small businesses in the goods-producing sector lost 2,000 jobs, while other small businesses held steady. In contrast, very small businesses in the service-providing sector added 19,000 jobs, other small businesses added 17,000 jobs.

Looking at overall national job growth, the ADP reports the U.S. added 154,000 private jobs in August. Medium-sized businesses added 56,000 jobs, and large businesses added 64,000.

While the U.S. added fewer than expected jobs – economists predicted an addition of 169,000 jobs – the slowed job growth may be related to the low unemployment number. Moody’s Analytics chief economist Mark Zandi says job growth “should be expected to slow as the U.S. nears full employment,” according to Marketwatch.

It will be interesting to see what the Labor Department’s release on Friday will show. In the meantime, remember that even if adding headcount is not on your mind right now, retaining high performers should always be. Make an effort to understand what compels employees to stay (or leave) and find new ways to ramp up employee engagement.

ADP Employment Report: Small Businesses Added 76,000 Jobs in May

June 2nd, 2016 Comments off
Businessman standing and looking at the city

Small businesses continue to be a significant source of job growth in the U.S., the latestADP Small Business Report shows.

According to the report, released today, small businesses with 1-49 employees created 76,000 new jobs in May 2016, making up 43 percent of overall job growth. (According to the ADP’s National Employment Report, the U.S. added 173,000 jobs in the nonfarm private sector employment.) This underscores the important role small businesses play in job creation and the health of the economy.

Broken down by company size, businesses with 1-19 employees and businesses with 20-49 employees added 38,000 jobs each.

Looking at individual sectors, small businesses in the goods-producing sector produced 1,000 jobs, those in the service-providing sector added 75,000 jobs.

While these numbers are lower than in recent months, it is not uncommon to see job growth slower in the summer months. According to CareerBuilder’s small business hiring forecast, however, small business employers expect to add headcount throughout 2016. And looking even further ahead, newly released research from CareerBuildershows growth in a wide variety of industries over the next several years.


 

Want more advice and resources for building your small business? Learn about the essential elements of a standout recruitment strategy. You can also sign up to get the Small Business Recruitment-in-a-Box toolkit, compliments of CareerBuilder.