ADP data shows small businesses with 1-49 workers have been reducing workers for five months.(Click on image to enlarge)
The shows the economy added 143,000 private jobs in September.Importantly, a breakdown of jobs by firm size shows small businesses have now shed jobs for five months. And for the first time this year, employers with 1-19 employees shed workers. ADP Change in Employment by Employer Size Year-Over-Year(Click on image to enlarge)
ADP Total Change in Employment Year-Over-Year(Click on image to enlarge)
Total employment year-over-year is sinking fast, led by small businesses. Total Employment by Business Size
Small businesses (49 and less) are far more important than large businesses.The BLS monthly jobs report is Friday. The Bloomberg Econoday consensus is 132,500 in a range of 70,000 to 180,000.The Econoday unemployment rate consensus is 4.2 percent (unchanged) in a range of 4.2 percent to 4.3 percent.More By This Author:GDPNow Nowcast Dips On Weak ISM And Construction SpendingJob Quits Drop Again, Well Below Pre-Covid LevelsISM Manufacturing Contracts 6th Month, 22nd Time In 23 Months
