“I Haven’t Seen This In Over 9 Years”: Small Business Employment Collapses “Like In March 2008”
by Tyler Durden
ZeroHedge.com
Wed, 07/03/2019
After ADP printed the biggest miss since Feb 2010 in May (adding the lowest amount of jobs since March 2010), expectations for June have been ratcheted down to just a 140k growth in jobs.
May also saw a collapse in construction jobs and so all hope was that this ‘blip’ was transitory… it wasn’t! But, June’s ADP print was +102k, an improvement over the May (which was revised up from +27k to +41k), but below expectations of a +140k job gain.
“Job growth started to show signs of a slowdown,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.
“While large businesses continue to do well, small businesses are struggling as they compete with the ongoing tight labor market. The goods producing sector continues to show weakness. Among services, leisure and hospitality’s weakness could be a reflection of consumer confidence.”
Mark Zandi, chief economist of Moody’s Analytics, said:
“The job market continues to throttle back. Job growth has slowed sharply in recent months, as businesses have turned more cautious in their hiring. Small businesses are the most nervous, especially in the construction sector and at bricks-and-mortar retailers.”
The Rest…HERE
