{"id":626610,"date":"2023-04-07T15:52:42","date_gmt":"2023-04-07T20:52:42","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/04\/07\/small-businesses-add-111000-jobs-in-march-adp-reports\/"},"modified":"2023-04-07T15:52:42","modified_gmt":"2023-04-07T20:52:42","slug":"small-businesses-add-111000-jobs-in-march-adp-reports","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/04\/07\/small-businesses-add-111000-jobs-in-march-adp-reports\/","title":{"rendered":"Small Businesses Add 111,000 Jobs in March, ADP Reports"},"content":{"rendered":"
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Published: Apr 7, 2023<\/span><\/span>
\nby Lisa Price<\/a><\/span><\/span>
\nIn Small Business News<\/a><\/span>
\n0<\/a><\/span><\/span><\/p>\n

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\"adp<\/span><\/p>\n

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Small business jobs grew by 111,000 during March, according to the ADP National Employment Report<\/a>, produced in collaboration with the Stanford Digital Economy Lab.<\/p>\n

Regionally, in the US employers in the South lost 228,000 jobs. Strong jobs gains<\/a> were in the Northeast, Midwest and West.<\/p>\n

Small businesses of 1-19 employees increased by 38,000 jobs. Small businesses from 20-49 employees increased by 63,000 jobs.<\/p>\n

Overall, private sector employment increased by 145,000 jobs in March and annual pay was up 6.9 percent year-over-year.<\/p>\n

Nela Richardson, chief economist, ADP attributed the small business growth to \u201clabor market dynamics.\u201d<\/p>\n

\u201cThis has been a really competitive talent market,\u201d Richardson said. \u201cIt wasn\u2019t that the small firms didn\u2019t want to hire \u2013 they were outcompeted by the larger firms.\u201d<\/p>\n

Now, Richardson said, the labor market is coming back into balance.<\/p>\n

\u201cThe rapid gains (over the past year) were outside the normal,\u201d she said. \u201cIt was jobs recovered that were lost during the pandemic.\u201d<\/p>\n

As the labor market settles \u2013 and while inflation is not driving up wages \u2013 small businesses should be \u201cable to get more talent,\u201d Richardson said.<\/p>\n

\u201cOur March payroll data is one of several signals that the economy is slowing,\u201d she said. \u201cEmployers are pulling back from a year of strong hiring and pay growth, after a three-month plateau, is inching down.\u201d<\/p>\n

\u201cOur March payroll data is one of several signals that the economy is slowing,\u201d said Nela Richardson, chief economist, ADP. \u201cEmployers are pulling back from a year of strong hiring and pay growth, after a three-month plateau, is inching down.\u201d<\/p>\n

Pay Insights<\/strong><\/p>\n

Pay growth decelerated for both job stayers and job changers. For job stayers, year-over-year gains fell to 6.9 percent from 7.2 percent in February. Pay growth for job changers was 14.2 percent, down from 14.4 percent.<\/p>\n

Get the latest headlines from Small Business Trends. Follow us on Google News<\/a>.<\/p>\n

Image: Depositphotos<\/small><\/em><\/p>\n

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