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Financial News: U.S. Private Sector Job Growth Exceeds Estimates In

U.S. Private Sector Job Growth Exceeds Estimates In July

08/01/2018 - 09:00:00 (RTTNews)

(RTTNews) - With the release of the Labor Department's more closely watched monthly jobs report looming on Friday, payroll processor ADP released a report on Wednesday showing private sector employment in the U.S. increased by much more than expected in the month of July.

ADP said private sector employment jumped by 219,000 jobs in July after climbing by an upwardly revised 181,000 jobs in June.

Economists had expected an increase of about 185,000 jobs compared to the addition of 177,000 jobs originally reported for the previous month.

"The job market is booming, impacted by the deficit-financed tax cuts and increases in government spending," said Mark Zandi, chief economist of Moody's Analytics.

He added, "Tariffs have yet to materially impact jobs, but the multinational companies shed jobs last month, signaling the threat."

The report said employment in the service-providing sector surged up by 177,000 jobs in July, reflecting notable job growth in professional/business services, healthcare/social assistance, and leisure/hospitality.

Employment in the goods-producing sector also climbed by 42,000 jobs, as employment in manufacturing and construction rose by 23,000 jobs and 17,000 jobs, respectively.

ADP said medium-sized businesses added 119,000 jobs during the month, while employment increased by 52,000 jobs at small businesses and by 48,000 jobs at large businesses.

"The labor market is on a roll with no signs of a slowdown in sight," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. "Nearly every industry posted strong gains and small business hiring picked up."

On Friday, the Labor Department is scheduled to release its report on employment in the month of July, which includes both private and public sector jobs.

Employment is expected to increase by 190,000 jobs in July, while the unemployment rate is expected to edge down to 3.9 percent.

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