Friday, February 1, 2013

Where are the jobs coming from?

The January employment report showed that improvements in the U.S. labor markets are continuing at a moderate pace, as private payrolls added some 166 thousand jobs during the month. The headline numbers from the Bureau of Labor Statistics however mask the underlying dynamics of job growth. A report from ADP provides a breakdown of jobs created by companies of various sizes (as measured by the number of employees.) It's easy to see where the new jobs are coming from.

Jan-2013 Change in Nonfarm Private Employment by Company Size (source: ADP)
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