Feed aggregator

Small Businesses: Job Creation, Turnover, Pay, and more

Small Businesses Are Carrying the Labor Market—Here is What the Data Actually Says

Every year, National Small Business Week brings the usual wave of appreciation posts and anecdotal success stories. Those are warranted. But they often miss the more important point: small businesses are not just culturally important; they are structurally essential to the U.S. labor market.

The latest data from ADP Research, highlighted by Chief Economist Nela Richardson, sharpens that reality in a way that should reframe how leaders, policymakers, and operators think about “Main Street.”

Let’s be precise about what is happening.

Job Creation: Not Just Resilient—Dominant

In 2025, businesses with fewer than 20 employees created more than 525,000 jobs*,more than any other segment of private-sector employers.

That is not a marginal contribution. It is the difference between growth and contraction.

Without those smallest employers, the U.S. economy would have lost approximately 110,000 private-sector jobs* last year.

Pause on that. Strip out microbusinesses, and the narrative flips from expansion to decline.

And the trend is not slowing.

From January through March 2026, these same businesses added 169,000 workers*, outpacing mid-sized and large employers, many of which are either flattening or reducing headcount.

At a time when enterprise hiring is cautious and efficiency-driven, small businesses are doing the opposite: hiring into opportunity.

Acceleration, Not Stabilization

It would be easy to interpret this as a post-pandemic normalization story. It is not.

Job creation among the smallest employers is accelerating.

  • 2025 average: ~43,833 new jobs* per month
  • Q1 2026 average: ~66,667 new jobs* per month

That is a meaningful inflection.

This is not recovery, it is momentum. And it suggests that demand signals at the local level (where small businesses operate most directly) are stronger than top-line macro indicators might imply.

Turnover: A Signal of Stability, Not Stagnation

One of the more underappreciated data points is turnover.

In March 2026, turnover at establishments with fewer than 50 employees fell to a record low of 3.9%*.

Historically, small businesses have struggled with retention, often losing talent to larger firms with more structured compensation and benefits.

That dynamic appears to be shifting.

Lower turnover at this scale typically signals:

  • Improved employee-employer alignment
  • Greater job satisfaction or flexibility
  • Fewer external opportunities pulling workers away

Or more bluntly: employees are choosing to stay.

For operators, that stability compounds. Reduced churn lowers hiring costs, preserves institutional knowledge, and increases productivity continuity.

The Pay Gap Is Narrowing—Quietly but Meaningfully

Compensation has long been the structural disadvantage for smaller employers.

That gap is shrinking.

The difference in annual pay growth between the largest and smallest employers peaked at 3.8 percentage points* in May 2022. By March 2026, it had narrowed to 2.3 points*.

This does not mean small businesses are out paying large enterprises, but it does mean they are becoming more competitive, faster than many expected.

Two implications stand out:

  1. Talent arbitrage is weakening. Large companies can no longer rely as heavily on compensation alone to attract talent away from smaller firms.
  2. Small business models are adapting. Whether through pricing power, productivity gains, or margin discipline, these firms are finding ways to fund higher wages.

What This Actually Means

There is a tendency to view small businesses as reactive, sensitive to macro volatility, dependent on local conditions, and structurally constrained.

The data suggests something different.

Small businesses are currently:

  • Leading job creation
  • Improving retention
  • Closing compensation gaps

In other words, they are not just participating in the labor market, they are shaping it.

And importantly, they are doing so while larger organizations are optimizing, restructuring, or pausing hiring altogether.

A Reframing for Leaders

For executives and policymakers, this should prompt a shift in emphasis.

If the smallest employers are:

  • Driving net job growth
  • Stabilizing their workforce
  • Increasing pay competitiveness

Then they are not a secondary layer of the economy, they are a primary engine.

That has implications for:

  • Workforce development strategies
  • Capital access and lending frameworks
  • Regulatory burden considerations
  • Talent pipeline design

Ignoring that reality leads to misaligned policy and missed opportunity.

The Bottom Line

National Small Business Week, May 3-9 this year, is often framed as recognition.

It should be treated as a reminder.

The U.S. labor market, as it stands today, is being disproportionately supported by its smallest employers. Remove them, and the system does not just slow, it contracts.

That is not sentiment. That is math.

And it is worth paying attention to.

* Data from ADP research

Berkshire Hathaway Inc. First Quarter 2026 Earnings Release

Lastest from Businesswire - Sat, 05/02/2026 - 08:22
OMAHA, Neb.--(BUSINESS WIRE)--(BRK.A; BRK.B) – Berkshire’s operating results for the first quarters of 2026 and 2025 are summarized in the following paragraphs. However, we urge investors and reporters to read our 10-Q, which has been posted at www.berkshirehathaway.com. The limited information that follows in this press release is not adequate for making an informed investment judgment. Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the first quarters of 2026 and 202

KBRA Releases Research – U.S. Credit Union Industry 2025 Review: Margin Recovery Meets Credit Normalization

Lastest from Businesswire - Fri, 05/01/2026 - 20:22
NEW YORK--(BUSINESS WIRE)-- #creditratingagency--KBRA releases research examining recent performance trends for U.S. credit unions (CU) with over $1 billion in assets, highlighting a meaningful inflection in earnings entering 2026. KBRA believes that 2025 marked a turning point for the CU sector, as margin recovery reestablished core earnings capacity following a period of funding pressure. Improving deposit dynamics, favorable earning-asset repricing, and more balanced loan and deposit growth supported a meaningful

AM Best Revises Outlooks to Stable for Members of Auto Club Group; Affirms Credit Ratings of Auto Club Florida Group’s Members

Lastest from Businesswire - Fri, 05/01/2026 - 20:22
OLDWICK, N.J.--(BUSINESS WIRE)-- #insurance--AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a” (Excellent) of Auto Club Insurance Association (Dearborn, MI) and its wholly owned subsidiaries and affiliates, which are collectively referred to as Auto Club Group (ACG). Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) of

PIMCO Closed-End Funds Declare Monthly Common Share Distributions

Lastest from Businesswire - Fri, 05/01/2026 - 20:22
NEW YORK--(BUSINESS WIRE)--The Boards of Trustees/Directors of the PIMCO closed-end funds below (each, a “Fund” and, collectively, the “Funds”) have declared a monthly distribution for each Fund’s common shares as summarized below. For the following Funds, the distributions are payable on June 1, 2026 to shareholders of record on May 11, 2026, with an ex-dividend date of May 11, 2026: Monthly Distribution Per Share Fund NYSE Symbol Amount Change From Previous Month Percentage Change From Previo

KBRA Assigns a Rating of BBB to RD Michigan Property Owner I LLC's $14 Billion Senior Secured Notes

Lastest from Businesswire - Fri, 05/01/2026 - 17:22
NEW YORK--(BUSINESS WIRE)-- #creditratingagency--KBRA assigns its BBB rating to RD Michigan Property Owner I LLC’s $14 billion senior secured notes. The Outlook is Stable. Related Digital and Blackstone (the sponsors) have formed the special-purpose entity RD Michigan Property Owner I LLC (the issuer) to finance the construction of a 974MW data center campus in Washtenaw County, Michigan, consisting of four buildings: the Core (Building 1), Compute 1 (Building 2), Compute 2 (Building 3), and Compute 3(Building 4). T

STORE Capital Publishes Latest Corporate Responsibility Report

Lastest from Businesswire - Fri, 05/01/2026 - 17:22
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--STORE Capital LLC ( “STORE Capital” or the “Company”), an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, today announced the publication of its latest Corporate Responsibility Report. The report provides a comprehensive overview of the Company’s continued commitment to sustainability, social responsibility, and governance, while highlighting meaningful progress and advancements made over

AM Best Assigns Credit Ratings to American Steamship Owners Mutual Protection and Indemnity Association, Inc.

Lastest from Businesswire - Fri, 05/01/2026 - 17:22
OLDWICK, N.J.--(BUSINESS WIRE)-- #insurance--AM Best has assigned a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” (Good) to American Steamship Owners Mutual Protection and Indemnity Association, Inc. (American Club) (New York, NY). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect American Club’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and ap

Securities Fraud Investigation Into Check Point Software Technologies Ltd. (CHKP) Announced – Shareholders Who Lost Money Urged To Contact Glancy Prongay Wolke & Rotter LLP, a Leading Securities Fraud Law Firm

Lastest from Businesswire - Fri, 05/01/2026 - 17:22
LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay Wolke & Rotter LLP, a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Check Point Software Technologies Ltd. (“CHKP” or the “Company”) (NASDAQ: CHKP) investors concerning the Company’s possible violations of the federal securities laws. IF YOU ARE AN INVESTOR WHO LOST MONEY ON CHECK POINT SOFTWARE TECHNOLOGIES LTD. (CHKP), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO

MFS Government Markets Income Trust and MFS Intermediate Income Trust Announce Special Shareholder Meeting Relating to Proposed Appointment of Aberdeen Investments as Investment Adviser

Lastest from Businesswire - Fri, 05/01/2026 - 17:22
BOSTON--(BUSINESS WIRE)--MGF, MIN Announce Special Shareholder Meeting Relating to Proposed Appointment of Aberdeen Investments as Investment Adviser

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Lastest from Businesswire - Fri, 05/01/2026 - 17:22
BOSTON--(BUSINESS WIRE)--The following Eaton Vance closed-end funds (the “Funds”) announced distributions today as detailed below. Declaration – 5/1/2026 Ex-Date – 5/14/2026 Record – 5/14/2026 Payable – 5/26/2026   Municipal Bond Funds: Fund Ticker Distribution Change From Prior Distribution Closing Market Price – 04/30/26 Distribution Rate at Market Price Eaton Vance California Municipal Income Trust CEV $0.0500 - $10.30 5.83% Eaton Vance Municipal Income Trust EVN $0.0513 - $10.47 5.88%     T

JPMorganChase Files Form 10-Q for the Quarter Ended March 31, 2026

Lastest from Businesswire - Fri, 05/01/2026 - 17:22
NEW YORK--(BUSINESS WIRE)--JPMorgan Chase & Co. (NYSE: JPM) (“JPMorganChase” or the “Firm”) has filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 with the SEC. The report is available on the SEC's website at https://www.sec.gov and will be available on the Firm's Investor Relations website at https://www.jpmorganchase.com/ir under SEC Filings & Other Disclosures. JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United Stat

MFS Charter Income Trust Announces Adjournment of Special Shareholder Meeting

Lastest from Businesswire - Fri, 05/01/2026 - 17:22
BOSTON--(BUSINESS WIRE)--MFS announces adjournment of special shareholder meeting for MFS Charter Income Trust (NYSE: MCR) until May 14, 2026.

Cove Capital Investments, LLC Fully Subscribes Debt-Free Ponder Small Bay Industrial 101 DST Offering

Lastest from Businesswire - Fri, 05/01/2026 - 17:22
LOS ANGELES--(BUSINESS WIRE)--Cove Capital Investments, LLC announced its Cove Ponder Small Bay Industrial 101 DST, a Regulation D Rule 506(c) offering, is fully subscribed after raising $18,695,430 in equity from investors. The offering was structured as an all-cash, debt-free DST designed to provide accredited investors with a value-add industrial investment in one of the nation's most dynamic growth corridors. "We are grateful to our investors and selling group members for their continued co

MFS Announces Closed-End Fund Distributions

Lastest from Businesswire - Fri, 05/01/2026 - 17:22
BOSTON--(BUSINESS WIRE)--MFS Announces Closed End Fund Distributions for May 2026

Origin Announces Plan to Sell Technology Followed by Orderly Wind Down of Operations

Lastest from Businesswire - Fri, 05/01/2026 - 17:22
WEST SACRAMENTO, Calif.--(BUSINESS WIRE)--Origin Materials, Inc. (“Origin”) (NASDAQ: ORGN, ORGNW) today announced that its Board of Directors has determined, after extensive consideration of potential strategic alternatives, that it is in the best interests of its shareholders to sell its PET cap technology and other remaining assets followed by an orderly wind down of operations. To reduce costs and support the planned sale, the Company is reducing its workforce, with affected employees expect

Reinsurance Group of America Announces Redemption of All of Its Outstanding 5.75% Fixed-to-Floating Rate Subordinated Debentures Due 2056

Lastest from Businesswire - Fri, 05/01/2026 - 17:22
ST. LOUIS--(BUSINESS WIRE)--Reinsurance Group of America, Incorporated (NYSE: RGA) (the “Company”) announced today that a notice of redemption will be issued to the holders of all of its outstanding $400 million aggregate principal amount 5.75% Fixed-to-Floating Rate Subordinated Debentures due 2056 (CUSIP No. 759351 802 and ISIN US7593518027) (the “2056 Debentures”) in accordance with the terms of the indenture governing the 2056 Debentures. The 2056 Debentures are listed on the New York Stock

Cardlytics Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Lastest from Businesswire - Fri, 05/01/2026 - 17:22
ATLANTA--(BUSINESS WIRE)--Cardlytics, Inc. (NASDAQ: CDLX) today announced that on April 29, 2026, the Compensation Committee of Cardlytics’ Board of Directors granted an aggregate of 272,000 restricted stock units of Cardlytics to six newly hired employees. The restricted stock units were granted as material inducements to employment with Cardlytics in accordance with Nasdaq Listing Rule 5635(c)(4) and were granted under the Cardlytics, Inc. 2022 Inducement Plan (the “2022 Inducement Plan”). Fo

Angel Oak Financial Strategies Income Term Trust Declares May 2026 Distribution

Lastest from Businesswire - Fri, 05/01/2026 - 17:22
ATLANTA--(BUSINESS WIRE)--Angel Oak Financial Strategies Income Term Trust (the “Fund”), a closed-end fund traded on the New York Stock Exchange under the symbol FINS, today declared a distribution of $0.115 per share for the month of May 2026. The record date for the distribution is May 15, 2026, and the payable date is May 29, 2026. The Fund will trade ex-distribution on May 15, 2026. Although the Fund seeks to pay a distribution at a rate that is representative of net investment income actua

Securities Fraud Investigation Into Check Point Software Technologies Ltd. (CHKP) Announced – Shareholders Who Lost Money Urged To Contact The Law Offices of Frank R. Cruz

Lastest from Businesswire - Fri, 05/01/2026 - 17:22
LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Check Point Software Technologies Ltd. (“Check Point” or the “Company”) (NASDAQ: CHKP) on behalf of investors concerning the Company’s possible violations of federal securities laws. IF YOU ARE AN INVESTOR WHO LOST MONEY ON CHECK POINT SOFTWARE TECHNOLOGIES LTD. (CHKP), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING A CLAIM TO RECOVER YOUR LOSS. What Is The Investigation About? On April 30, 2026, Chec

Pages