Companies added far fewer jobs than expected as the struggle to find workers to fill open positions continued, payrolls processing firm ADP reported Wednesday.
Private payrolls increased by just 247,000 for the month, well below the 390,000 Dow Jones estimate.
A dropoff in small business hiring was the primary culprit for the disappointment, as companies with fewer than 50 workers saw a decline of 120,000. The issue was particularly acute in those with fewer than 20 employees, which lost 96,000 workers on the month.
Big business with 500 or more workers compensated for some of the decline, adding 321,000
This is breaking news. Please check back here for updates.