ADP report says small business hiring slowed in March

Small business hiring slowed in March, a sign that company owners are holding on to their cautious approach to expanding their staffs.

That's the finding of payroll provider ADP, which counted 47,000 new jobs at its small business customers. The companies added 66,000 jobs in February and 64,000 in January.

Small business hiring has ebbed and flowed in recent years, picking up momentum for several months at a time and then slowing. Owners have said in recent surveys they won't take on more employees unless their revenue justifies the expense and risk. But many also report they're having a hard time finding candidates to fill their open positions; that's another likely factor in last month's tally.