Economics
Small US Companies Lose Almost 300,000 Jobs Since February
- Some rate-sensitive sectors see jump in job-cut announcements
- Workers seek out more competitive pay, perks at bigger firms
A worker signs in at an office building in San Francisco, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Small companies have shed jobs in three of the last four months, with some indication that this vital pillar of the US economy is feeling the pinch of higher borrowing costs.
Firms with fewer than 50 employees have lost almost 300,000 jobs since February, data from the ADP Research Institute showed on Thursday. Some 91,000 of the losses came in May.