NEW YORK (AP) — Small businesses are gradually picking up the pace of their hiring, according to reports this week.
The payroll company ADP said Wednesday that its small business customers added 58,000 jobs last month, up from 50,000 in April. The company also revised its March number to 74,000 from 60,000.
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And on Tuesday, software maker Intuit said its small business customers added 35,000 jobs last month. It revised its April reading up to 35,000 from 20,000.
Both reports indicate that although small companies continue to hire cautiously, their job growth is gaining momentum.
Small businesses account for 99.9 percent of U.S. companies and about half the nation’s employment. Many economists say the economic recovery can’t gain strength unless small businesses increase their pace of hiring.
