Small businesses continue to be a significant source of job growth in the U.S., the latestADP Small Business Report shows.
According to the report, released today, small businesses with 1-49 employees created 76,000 new jobs in May 2016, making up 43 percent of overall job growth. (According to the ADP’s National Employment Report, the U.S. added 173,000 jobs in the nonfarm private sector employment.) This underscores the important role small businesses play in job creation and the health of the economy.
Broken down by company size, businesses with 1-19 employees and businesses with 20-49 employees added 38,000 jobs each.
Looking at individual sectors, small businesses in the goods-producing sector produced 1,000 jobs, those in the service-providing sector added 75,000 jobs.
While these numbers are lower than in recent months, it is not uncommon to see job growth slower in the summer months. According to CareerBuilder’s small business hiring forecast, however, small business employers expect to add headcount throughout 2016. And looking even further ahead, newly released research from CareerBuildershows growth in a wide variety of industries over the next several years.
Want more advice and resources for building your small business? Learn about the essential elements of a standout recruitment strategy.