The ADP National Employment Report for February shows small businesses added 32,000 jobs for the month, but it was much lower than January, at 51,000 jobs. This as the U.S. continues to accelerate the vaccination for COVID-19 and cities across the country start easing restrictions they have in place. And so far, the recovery in the labor market is sluggish at best.
Nela Richardson, chief economist, ADP, echoed this very sentiment in the release for the report. Adding, “We’re seeing large-sized companies increasingly feeling the effects of COVID-19, while job growth in the goods-producing sector pauses. With the pandemic still in the driver’s seat, the service sector remains well below its pre-pandemic levels; however, this sector is one that will likely benefit the most over time with reopenings and increased consumer confidence.”
And the service sector will play a great role in reviving many small businesses.February 2021 ADP Small Busi