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CNBC: Private Sector Adds More Jobs Than Expected in July
The increase shows strength in the service sector, which added 185,000 jobs last month.
Private job growth was a little better than expected in July, though all of the new positions came from the services sector, according to the latest report from ADP and Moody's Analytics.
Companies added 179,000 positions for the month, topping Reuters estimates of 170,000. That was a slight increase from June, which saw an upwardly revised 176,000, 4,000 more than originally reported.
The bad news was that job growth was unbalanced. Services added 185,000 positions, but the goods-producing sector actually lost 6,000 workers. Construction posted a loss that matched that 6,000 number, while manufacturing added 4,000, which actually was a turnaround from June when the sector lost 15,000.
"Job growth remains strong, but is moderating as the economy approaches full employment. Businesses are having a more difficult time filling open job positions, which are near record highs," Mark Zandi, chief economist at Moody's, said in a statement. "The nation's biggest economic problem will soon be the lack of available workers."
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Cassidy McAloon
FollowCassie has over five years of digital and traditional media experience. She joined NLA after working as a television news producer in both Milwaukee and Chicago, and now specializes in aligning strategies across the board for her clients, ultimately building buzz and telling compelling stories through content marketing, social media, digital campaigns and traditional PR.
Cassie has a Bachelor of Arts in Broadcast and Electronic Communications from Marquette University. In her spare time, Cassie enjoys traveling and exploring what new cities have to offer in addition to spending time with her friends and family.
