Animal spirits are still missing from US small- and medium-sized businesses
Though small business owners cheer Trump, it seems they remain cautious about hiring
ADP publishes employment data by size of firm, and these show a notable improvement among large companies with more than 1,000 employees, in contrast to decelerating employment growth in smaller companies.
That stands in sharp contrast to the big pop in small business confidence reported by the National Federation of Independent Business surveys following the presidential election. Although small businessmen may cheer Trump and expect great things from him, it seems that they remain cautious about hiring.