Job Numbers Take a Dip: What's Happening to Small Businesses?

Private Sector Job Losses

• Total Loss: 32,000 jobs
• Most Affected: Small businesses
• Comparison: Worse than expected, following a 47,000 job gain in October

Big vs. Small Businesses

• Big Businesses (50+ employees):
• Added: 90,000 jobs
• Small Businesses (<50 employees):
• Lost: 74,000 jobs (firms with 20-49 employees)
• Biggest Drop: Since March 2023

Industry-Specific Changes

• Gains:
• Education and Health Services: +33,000 jobs
• Leisure and Hospitality: +13,000 jobs
• Losses:
• Professional and Business Services: -26,000 jobs
• Information Services: -20,000 jobs
• Manufacturing: -18,000 jobs
• Financial Activities: -9,000 jobs
• Construction: -9,000 jobs

Pay Raises Slow Down

• Yearly Increase: 4.4% (down from October)

Expert Insights

• Hiring Trends: Up and down lately
• Employer Caution: Due to reduced consumer spending and economic uncertainty
• Most Affected: Small businesses

Federal Reserve Considerations

• Upcoming Meeting: To decide on interest rates
• Possible Action: Rate cut
• Concerns: Potential inflation increase (current inflation > Fed's 2% target)

Official Job Numbers

• Source: Bureau of Labor Statistics
• Release: Later
• Current Outlook: Not great, especially for small businesses