I expect BLS job numbers to be pretty ugly tomorrow morning, especially with the 448,000 initial jobless claims reported this morning (even though BLS calls that an anomaly).
However, ADP has its jobs report out today as well, and it seems that small business hiring is strong enough to compensate for big business cuts:
Large businesses, defined as those with 500 or more workers, saw employment decline 32,000,while medium-size companies with between 50 and 499 workers declined by 9,000. Employment among small-size businesses, defined as those with fewer than 50 workers, advanced 50,000 during the month.
Be careful though. Small business hiring can be acyclical; laid off employees put up there own shingle while job-hunting. That said, when ADP notes major job losses in its last report, and none in this report, that really is unalloyed good news. How good? I am suspending judgment for another 24 hours.
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Posted by: qhfi wcgt | March 02, 2009 at 11:40 PM