According to a recent ADP report, small businesses added 34,000 jobs, equaling the month of September. As for jobs created, the number declined from 202,000 in September to 147,000 in October.
What’s happening and why have things stalled?
A recent report showed that since the recession businesses “won’t hire unless their revenue justifies the added expense and risk. Many owners have said they’ll ask current employees to take on more work, reducing the need for new hires.” In addition, the presidential election has also contributed to the decline with some owners stating they are waiting on election results to determine there next plan of action.
On Friday, the Labor Department will be releasing the employment report which will give us a better understanding of what companies are doing.