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June Small Business hiring numbers drop significantly

According to ADP, hiring has reached a Trump administration low for small businesses, with companies adding just 17,000 jobs this month.  To understand how big of a drop this is, please keep in mind that American small businesses were averaging an estimated 80,000 hires between the months of January and May.  In more unflattering news, ADP has recently “lower its count of new jobs for April and May combined; it now says 95,000 were added, down from the 151,000 originally reported.”

Despite the slow job numbers, the unemployment rate has stayed under 4.5% with many economists attributing weak hiring numbers to the drop in available workers as more people have gotten jobs.  “The ADP’s report on June employment at businesses of all sizes also showed modest growth, with 158,000 jobs added.” In addition, GDP has continued its decline in growth rising “1.4 percent in the first quarter, 1.6 percent in 2016 and 2.6 percent in 2015.”

Official

http://www.nbcnews.com/business/business-news/small-business-hiring-slows-dramatically-june-adp-says-n780191

 

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