The ADP (NASDAQ:ADP) Small Business Report for December shows small businesses saw a big increase of 94,000 jobs during the month.
December 2017 ADP Small Business Report
This comes two months after the first reported overall job losses of the year, helping end 2017 with a bang. The private sector added a total of 250,000 in December, and this report sent the Dow to break the 25,000 mark for the first time.
Small businesses with between 1 and 19 employees accounted for an increase of 43,000 jobs, while those with 20 to 49 employees brought in the remaining 51,000 jobs for the month.
According to Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, the most significant growth was in the services sector, but small businesses overall are doing well. Yildirmaz said in a press release, “Looking at company size, small businesses finished out 2017 on a high note adding more than double their monthly average for the past six months.”
The information sector was the only industry reporting a decline with 4,000 fewer jobs. All other sectors saw jumps of 3,000 to 72,000 for the overall jobs created in December. For the year, ADP said there were a total of 2.54 million jobs, which comes out to a monthly average of 212,000 per month.
When you break down the small business segment, ADP said the service providing sector was responsible for 91,000 of those jobs. With very small and other small businesses creating 46,000 and 45,000 jobs respectively. The remaining 3,000 jobs came from goods-producing industries.
The ADP National Employment Report is carried out every month in collaboration with Moody’s Analytics and published by the ADP Research Institute. The report provides a picture of the nonfarm private sector employment in the U.S. from actual transactional payroll data.
December 2017 ADP Franchise Report
With 27,300 jobs for December, the ADP Franchise Report provides a more granular set of data for employment changes across key sectors in the U.S. franchise industry.
December experienced growth across all industries except business services, which saw a decline of 1,500 jobs. Restaurants, on the other hand, had the largest gain with 19,300 jobs, followed by auto parts and dealers at 5,600 and accommodations at 1,200 jobs.
Images: ADP