Jobs cut soar as US (small) firms fight to survive

[katty]

more:
http://www.forexpros.com/news/financial-news/analysis-job-cuts-soar-as-small-u.s.-firms-fight-to-survive-18556

By Emily Kaiser

WASHINGTON, Jan 7 (Reuters) - The battered U.S. job market may be losing one of its last remaining sources of strength as small businesses begin aggressively cutting payrolls in the face of a dismal holiday shopping season.

A report on Wednesday showed private sector job losses of 693,000 in December, far greater than economists had expected. Small businesses accounted for an unusually large 40 percent of the decline, according to the figures from ADP Employer Services and Macroeconomic Advisers. (http://www.adpemploymentreport.com/pdf/FINAL_Report_December_08.pdf)

If a government report on December employment on Friday is as dire as the data from ADP, it may be a sign that another pillar of the economy -- small business -- is buckling as the recession drags on into a second year.

"Everybody is trying to hang on now," said William Dunkelberg, chief economist for the National Federation of Independent Business.

[ixion]

1. small businesses must run lean if they want to stay in business

that's the way it is. No bailouts for us small business owners.