ABA Banking Journal
The non-farm private sector added 178,000 jobs in July, according to the ADP National Employment Report. June’s figure was revised up from 158,000 to 191,000. Professional and business services jobs accounted for 36.4% of July’s growth.
Businesses of all sizes saw steady increases. Small businesses with fewer than 50 employees rebounded from a sluggish June, adding 50,000 jobs, while medium-sized businesses with 50-499 employees added 83,000. Large businesses added 45,000 jobs.
Mark Zandi, chief economist of Moody’s Analytics, said, “The American job machine continues to operate in high gear. Job gains are broad-based across industries and company sizes, with only manufacturers reducing their payrolls. At this pace of job growth, unemployment will continue to quickly decline.”
Service-providing employment rose by 174,000 jobs, driven by the professional and business services sector which added 65,000. The health services sector had a robust report, adding 41,000 jobs. The education sector saw the smallest increase in service-providing employment, gaining 2,000 jobs. Goods-producing employment grew by 4,000 jobs. The manufacturing industry lost 4,000 jobs after gaining 6,000 in June. It was offset by gains of 3,000 and 6,000 in the mining and construction sectors, respectively.
Read the ADP report.
