U.S. Private Sector Adds Jobs, But at a Slower Pace
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Data from the ADP National Employment Report showed the private sector continued to add jobs in July, but at a slower pace.
The release indicates employment in the U.S. nonfarm private business sector rose 114,000 during the month, slightly better than the consensus of 100,000. Last month's reading was revised down to 145,000, from the initially reported 157,000.
The service sector led the way, adding 121,000 jobs in July - the 19th consecutive month of gains. The goods-producing sector lost another 7,000, the second decline in three months.
Small business added the most jobs at 58,000. Large companies added just 9,000 and medium businesses added 47,000.
"Today's report shows modest job creation for the month of July at a rate of half what is needed for meaningful employment and economic recovery," said Gary Butler, CEO of ADP. "Construction lost 11,000 jobs this month, and manufacturing and financial services were nearly flat with losses of 1,000 each."
"However," continued Butler, "the professional business services, education and healthcare sectors had good growth. Another bright note is that small businesses showed positive job growth for the 20th straight month, averaging 69,000 jobs a month for the past year."
The release indicates employment in the U.S. nonfarm private business sector rose 114,000 during the month, slightly better than the consensus of 100,000. Last month's reading was revised down to 145,000, from the initially reported 157,000.
The service sector led the way, adding 121,000 jobs in July - the 19th consecutive month of gains. The goods-producing sector lost another 7,000, the second decline in three months.
Small business added the most jobs at 58,000. Large companies added just 9,000 and medium businesses added 47,000.
"Today's report shows modest job creation for the month of July at a rate of half what is needed for meaningful employment and economic recovery," said Gary Butler, CEO of ADP. "Construction lost 11,000 jobs this month, and manufacturing and financial services were nearly flat with losses of 1,000 each."
"However," continued Butler, "the professional business services, education and healthcare sectors had good growth. Another bright note is that small businesses showed positive job growth for the 20th straight month, averaging 69,000 jobs a month for the past year."
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