Private sector employment increased by 219,000 jobs from June to July, beating analyst estimates of 185,000, according to the July ADP National Employment Report. The increase comes as the Trump economy continues to create good-paying, full-time jobs.
“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.”
The largest area of growth continues to be America’s massive service economy. Professional and health care services continue to produce a huge number of jobs that come with great hourly and salaried wage rates.
The report also shows continued high growth in the manufacturing sector and renewed growth in small business hiring – hallmark results of Trump’s economic policies despite mainstream media’s continued hyperventilating over Trump’s trade negotiating strategy.
“Tariffs have yet to materially impact jobs,” said chief economist of Moody’s Analytics Mark Zandi, “The job market is booming, impacted by the deficit-financed tax cuts and increases in government spending.”
Pundits have, for months, worried that the 200k+ job growth from months past would be impossible to continue as full employment makes finding workers more difficult. But, Zandi responded to the question on CNBC’s “Squawk Box” saying that the jobs are coming from “the unemployed and underemployed” and that the jobs growth “is sustainable,” showing that the economy continues to create the higher-paying, higher-quality jobs that America workers want.
July 2018 Report Highlights
Total U.S. Nonfarm Private Employment: 219,000
By Company Size
– Small businesses: 52,000
- 1-19 employees 21,000
- 20-49 employees 31,000
– Medium businesses: 119,000
- 50-499 employees 119,000
– Large businesses: 48,000
- 500-999 employees 24,000
- 1,000+ employees 24,000
– Goods-producing: 42,000
- Natural resources/mining 3,000
- Construction 17,000
- Manufacturing 23,000
– Service-providing: 177,000
- Trade/transportation/utilities 21,000
- Information -1,000
- Financial activities 15,000
- Professional/business services 47,000
- Professional/technical services 16,000
- Management of
- Administrative/support services 28,000
- Education/health services 48,000
- Health care/social assistance 49,000
- Education -1,000
- Leisure/hospitality 37,000
- Other services 9,000
* Sum of components may not equal total, due to rounding.
– Franchise Employment**
- Franchise jobs 15,100