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Small Business Job Growth Steady in Latest ADP Report

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Small businesses gained 115,000 jobs during October, mirroring their growth in September, according to the latest ADP Small Business jobs report released this week.

Franchise businesses gained 35,000 jobs during the same time, nearly identical to the gain in the previous month.

Nationally overall, businesses gained 534,000 jobs during October, compared to a gain of 574,000 during September.

Small Business Breakdown

Of the small business gain of 115,000 jobs, 103,000 were in the service-providing sector while 12,000 were in the goods-producing sector.
Job gains by the size of the small business were 62,000 in business with 1-19 employees and 53,000 in businesses from 20-49 employees.

During the previous month, businesses with 1-19 employees gained 56,000 jobs, and businesses with 20-49 employees gained 60,000 jobs.

The Franchise Gain

Restaurants again led with way in franchise gains, with 21,700 of the 35,000 new jobs. Auto parts and auto dealers contributed 7,600 new jobs. The accommodations franchises added 4,500 new jobs.

Modest Uptick

ADP Chief Economist Nela Richardson called the gains a “modest uptick.”

“Job gains have eclipsed 5 million since the recovery began, though 5 million jobs short of pre-pandemic levels,” Richardson said. “Service providers have dominated job gains this year.”


Image: ADP

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