Small businesses once again led the charge in creating new jobs in February. According to the Bureau of Labor Statistics, 227,000 new jobs were created last month, higher than what economists had anticipated and following 243,000 being added in January. This is third month in a row of over 200,000 new jobs being added to business payrolls.
Small businesses (1-49 employees) according to the ADP National Employment Report were the number one job creators once again, being responsible for 50% of all new nonfarm private sector jobs. Medium size businesses (50-499 employees) added 40.7% of the new jobs and big business (over 499 employees) only added 9.3%.
While all business size categories added jobs, small businesses added 9% more jobs that they did in January. In spite of the inability to access capital for growth, small businesses are getting the job done. Just think what we could do if more credit and capital were available to us.