Small business employment has collapsed, hitting a three-year low.
ADP data shows: In November, U.S. small businesses cut 120,000 jobs,
marking the largest decline since the 2020 pandemic.
Details:
Companies with 1-19 employees laid off 46,000 workers
Companies with 20-49 employees laid off 74,000 workers
In the past 7 months, there have been net losses in 6 months, with a cumulative reduction of 264,000 jobs.
The three-month average has dropped to -59,333,
the worst record since the pandemic.
The rate hike cycle is draining the vitality of small businesses.
Employment lags behind credit,
cred
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