Economy Adds 200,000 Jobs for July
Job growth is up slightly for July, according to an ADP national employment report (link opens as PDF) released today.
Nonfarm private employment increased by a seasonally adjusted 200,000 jobs for July, beating analysts' estimates of 179,000 additional jobs. Today's report also included revised June data, which bumped last month's numbers up 10,000 to 198,000 added jobs.
Human capital management company ADP partners with Moody's Analytics to produce this monthly report based on ADP payroll data representing 416,000 U.S. clients employing nearly 24 million workers in the United States.
"Job growth remains remarkably stable," said Moody's Analytics Chief Economist Mark Zandi in a statement today. "Businesses are adding to payrolls in most industries and across all company sizes. The job market has admirably weathered the fiscal headwinds, tax increases and government spending cuts. This bodes well for the next year when those headwinds are set to fade."
Similar to June's report, smaller seems to be better for employment opportunities. Small businesses (1-49 employees) added 82,000 jobs, compared to 60,000 for medium businesses (50-499) and just 57,000 for large businesses (500+).
The services sector accounted for 177,000 of July's new jobs, while goods-producing jobs made a 22,000-job improvement. On an industry-by-industry basis, manufacturing was the only area in the red, reporting 5,000 fewer jobs than June.
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