The payroll processor, ADP released its latest small business hiring report for the month of August, showing a dip in new hires. The report numbers were not surprising as the current economy is nearing full employment with less than 3 million people looking for work. According to an article, ADP “small business customers added 21,000 new jobs last month, down from 59,000 in July. That’s also less than half the monthly average of nearly 49,000 during the first seven months of this year. ADP bases its reports on payroll data from its customers with one to 49 employees.”
In looking at companies with 50 to 499 employees, 163,000 new jobs were added, down from 217,000 in July. “Small business hiring has slowed from 2017, when monthly job gains averaged 61,000. The falling unemployment rate has made it harder for many companies to find qualified workers to fill their open positions.”
September will most likely see small numbers as well before a slight uptick for the Holiday season. This isn’t bad news, but it does show that the economy is nearing its full potential in terms of hiring and that’s great news for everyone.