The ADP National Employment Report and ADP Small Business Report released today show that small businesses are continuing to be the only reliable engine for new jobs in our economy. During the month of July small businesses - defined as businesses with fewer than 50 workers - added 50,000. During the same month, medium businesses (50-499 employees) lost 9,000 jobs and large businesses (500 employees and larger) lost 32,000 jobs.
As I said yesterday, we need to understand the changing nature of this economy and take steps to help support the real engine of job creation. For the past twenty years small business has created about 78% of all new jobs every year. And yet we still have not changed our approach to public policy to reflect the new economic reality.
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