Small Businesses Battered
ADOTAS — The pain caused by the spiraling economy may actually get worse.
Friday, the Department of Labor will release numbers that will likely reveal small businesses, which employ 50 million people, compared with just under 19 million who work at large firms, could be laying off workers in greater than expected numbers. According to a report by the ADP Employer Services and Macroeconomic Advisers, which anticipates Friday’s numbers, the private sector lost 693,000 jobs in December, and small businesses accounted for 40 percent of the decline.
“Sharply falling employment at medium- and small-size businesses clearly indicates that the recession has now spread well beyond manufacturing and housing-related activities,” Joel Prakken, chairman of Macroeconomic Advisers, told Forexpros.
William Dunkelberg, chief economist for the National Federation of Independent Business, noted that a recent survey of small business owners showed the most widespread sales declines in 35 years, with worse expected from December.
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