Small companies are eliminating positions amid inflated borrowing rates
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Good morning, it’s Sunday Funday. ☀️
The economy is shedding jobs at an alarming rate - small U.S. companies under 50 employees have axed almost 300,000 positions in the past three months. 91,000 of that amount came from May, alone.
Check out today’s featured article from Yahoo! Finance for the details on which industries are trimming the most, and what it could mean for the economy that has been adjusting to “The Great Resignation”. ☕️
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Featured Article:
Small US Companies Lose Almost 300,000 Jobs Since February (yahoo.com)
“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.”
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While small companies axe positions, payrolls grow
The U.S. economy as a whole is adding jobs, regardless of small companies trending towards reducing staff. In May, 390,000 jobs were added to the workforce and the unemployment rate held at 3.6%.
The leisure and hospitality sectors grew the most with 84,000 positions, with construction and business sectors following suit. Retail seems to be taking the biggest hit, with 61,000 jobs lost in May.
