{"id":261806,"date":"2024-10-05T21:29:32","date_gmt":"2024-10-05T21:29:32","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/10\/05\/employment-overall-and-at-smaller-firms\/"},"modified":"2025-06-25T17:10:58","modified_gmt":"2025-06-25T17:10:58","slug":"employment-overall-and-at-smaller-firms","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/10\/05\/employment-overall-and-at-smaller-firms\/","title":{"rendered":"Employment Overall, and at Smaller Firms"},"content":{"rendered":"

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While overall private employment has risen, firms with 1-49 employees have kept employment flat in recent months.<\/p>\n

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Figure 1:<\/strong> Private nonfarm payroll employment from CES (light blue), incorporating preliminary benchmark (bold blue), ADP (bold red), ADP firms 1-49 employees. Source: BLS, ADP via FRED, and author\u2019s calculations.<\/em><\/p>\n

In firms tracked by the NFIB, employment is down (per firm), although there\u2019s enough seasonal variation, it\u2019s hard for me to see what\u2019s going on trendwise.<\/p>\n

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Source:<\/strong> NFIB<\/a>, accessed 10\/5\/2024.<\/em><\/p>\n

A differential impact between smaller and larger firms is not surprising; the financial accelerator suggests that tight monetary policy will affect credit collateral constrained firms more than others. A reasonable conclusion is that monetary policy might profitably be loosened, even if overall economic activity appears strong.<\/p>\n

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