US Small Business Hiring Plunges Again In Big ADP Miss
US private sector employers added far fewer jobs than expected in May, data out Thursday showed.
Hiring slowed to just 128,000 last month, ADP said. That was nowhere near consensus (figure below) and easily represented the slowest pace of hiring post-COVID.
Economists expected 300,000 from the headline. Out of nearly three-dozen forecasts, no one projected a print below 200,000.
April's already disappointing headline was revised even lower.
With the obligatory caveat that ADP has been a po
Greying Economy
True enough. I’m in my 60’s. I’m energetic and excited about cloud technology. I’m working because my experience is valuable. I like that my ability is recognized and allows me to be engaged in genuinely useful work. I believe my circumstances are unique and I am fortunate. But I’m very concerned about the longer-term future for the country, afraid that the money at the top of the economy and the costs of doing business will crowd out the participation of small businesses, which do not seem at all to enjoy political leverage anymore. The bottom line is the Congress is twisted in its values and its attention is grossly skewed to big money.
The result? A shrinking small business economy and more consolidation for mega corps. Which will ultimately result in less competition for both prices and wages in the long run. The Fed can’t get out of its own way in propagating wealth inequality further.