Another domino falls for recession as job creation turns negative for small businesses, which employ nearly half of all Americans.
In the past year, payrolls for companies with under 50 employees plunged by nearly 100,000, while job trends were flat for midsized businesses up to 500 employees.
The only bright spot was big businesses—which might be changing, given recent layoff announcements, including 2,500 at Chrysler, 4,000 at Cisco, 12,000 at Dell, and 15,000 at Intel. Paramount and the left-wing Axios both cut 10% to 15% of their workforce.
Economics writer Mike “Mish” Shedlock reports the numbers, adding that he’s “seen enough” and thinks the recession has already begun—possibly starting last October.
The media have been saying recession’s impossible because unemployment is low and there’s still production, but Shedlock notes that recessions typically start during periods of low unemployment and positive industrial production. Because the employers and producers don’t yet know it’s a recession—that’s the whole point—they keep chugging along, straight off the cliff. […]
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