It was an eventful week at the World Economic Forum’s annual gathering in Davos, Switzerland. And behind the global headlines, I witnessed a part of the economy that often goes overlooked at these big events: small business. As pundits and business leaders walked the Davos Promenade and pondered the power of artificial intelligence, they might have overlooked its profound potential to give Main Street enterprises a step into the global economy.
AI enables small firms to innovate faster than ever before, supercharging their reach and customer footprint. Small employers always have been the engine of growth in the labor market. Through these enterprises, AI has the potential to drive even stronger job creation.
As you think about the future of the global economy, don’t think big. Think small.
THE NER Pulse
For the four weeks ending Jan. 3, 2026, private employers added an average of 7,750 jobs a week. Job gains edged down for a third straight week.
These numbers are preliminary and could change as new data is added.
About The NER Pulse
Three times a month, Main Street Macro releases the NER Pulse, an estimate of the week-over-week change in employment based on a four-week moving average. These releases are seasonally adjusted and have a two-week lag to allow for more complete and accurate estimates of real-time employment trends. At the beginning of each month, we publish the National Employment Report, which is built on a reference week that includes the 12th day of the month. We do not publish the NER Pulse during NER release weeks.
Download this week’s NER Pulse data
The week ahead
Monday: After the global headlines out of Davos, economists are turning their attention to a data-filled week for the U.S. economy. Things started on a positive note Monday, with the Census Bureau reporting that durable goods sales climbed more than expected, up 5.3 percent in November from a downwardly revised -2.1 percent in October.
Tuesday: While Monday’s release suggested consumers are continuing to purchase big-ticket items, consumer confidence has weakened for five straight months through November, according to the Conference Board’s Consumer Confidence Survey. We’ll find out today if that negative streak continued in December.
Wednesday: Federal Reserve policymakers will meet to discuss a change in interest rates. They’ll weigh the potential for sticky inflation against the prospect of further softening in the labor market.
Thursday: Initial jobless claims from the Bureau of Labor Statistics are likely to stay near record lows. Again, I’m watching continuing claims for signs that it’s taking longer for people to find jobs.
Friday: To end the week, the BLS will give us a read on wholesale prices in December. the Producer Price Index edged up in November, led by higher energy prices.
