US small business hiring is historically weak: US small firms added +9,000 jobs in December, the first gain in employment in 5 months, according to the ADP Employment Report. Companies with 1-19 employees hired +4,000 workers, while those with 20-49 employees hired +5,000. This follows a -96,000 decline in employment during November, -24,000 in October, and -34,000 in September. As a result, the 3-month moving average rose to -37,000, the 2nd-weakest reading since the 2020 pandemic. Small businesses are struggling.