By Selina Stoller, SAF Holdings, LLC
The U.S. private sector added 415,000 jobs combined in July and August, exceeding economists’ expectations and breaking previous employment records.
According to the ADP National Employment Report, 178,000 jobs were added to the private sector in July, a record high. Roughly 4,000 of these jobs were added in the goods-producing sector, and 174,000 jobs were added in the service-providing sector. The majority of these positions were added to midsized companies who employ 50-499 people.
In the goods-producing sector, jobs increased in natural resources, mining, and construction while jobs decreased in manufacturing.
Jobs increased in the service-providing sector in trade, transportation, utilities, information, finance and business, education and health, and leisure and hospitality.
In August, 237,000 jobs were added to the non-farm, private sector. The majority of jobs were added to large companies who employ more than 500 people.
About 204,000 jobs were added to the service-providing sector, and 33,000 jobs were added to the goods-providing sector. The only industries that decreased in open positions were natural resources and mining, and information.
Economists surveyed by Reuters had expected that the ADP National Employment Report would show a gain of 175,000 jobs in July, with estimates ranging from 135,000 to 225,000.
The unemployment rate in July reached 4.3 percent and increased slightly to 4.4 percent in August.
- 27 Sep, 2017
- Summit Consumer Receivables Acquisitions, LLC