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May 6, 2020 | Job Losses by Size of Company: Who Lost the Jobs?

Mike 'Mish' Shedlock

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.
ADP reported a massive decline of over 20 million jobs. Let’s investigate losses by size of firm.
Earlier today I commented ADP Reports 20 Million Jobs Lost: A Disaster Comparison Three WaysThis is a followup on losses and percentage losses by corporation size.

Nonfarm Private Payrolls March 2020

Nonfarm private Payroll March 2020

Nonfarm Private Payrolls April 2020

Nonfarm private Payroll april 2020

Change in Nonfarm Payrolls by Company Size

Change in Nonfarm Payrolls by Company Size 2020-04-05


  • Workers at the largest companies got hit the least (13.36%).
  • Small firms, especially those with 20-49 employees got hit the hardest (21.47%)

The largest firms were the best equipped to offer work at home.

Also, some large firms like Walmart, Amazon, Kroger, Safeway, and all the food stores were designated critical businesses and stayed open.

Number of Small Businesses

In 2018 the SBA reports there were 30.2 million small businesses with 58.9 million employees.

Millions of small businesses will go bankrupt over this.

Inflation or Deflation?

If you believe all this printing will soon result in inflation, you are mistaken.

For discussion, please see Inflation or Deflation? Collapse in Demand Trumps Supply Shocks

Amusingly, Hyperinflationists Come Out of the Woodwork Again.

Understanding the Problem

The Fed’s seriously misguided efforts to force inflation into a system begging for deflation is the problem.

The Problem is Not Deflation, It’s Attempts to Prevent It


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May 6th, 2020

Posted In: Mish Talk

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