Research conducted by Macroeconomic Advisers, LLC, for its ADP Small Business Report, discovered that job growth in small businesses, defined as businesses with fewer than 50 employees, comprised 59% of total job growth (106,000 added jobs) in October.
The company's chairman, Joel Prakken, said that "this month's ADP Small Business Report suggests small businesses continued to hire at a moderate rate. The three-month average change in nonfarm private employment from August to October is 50,000, so October's number represents a slight firming of employment growth among small businesses."
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