U.S. Adds 200K Jobs
U.S. employment beat market expectations in July, adding 200,000 jobs, according to the ADP National Employment Report, which was released today.
According to Yahoo Finance, the market expected an increase of 175,000.
ADP, which tracks employment based on payroll data, said the service-providing sector saw its largest gains since November, adding 177,000 jobs. The largest gains were in professional and business services, which grew by 49,000 jobs. Trade, transportation and utilities services added 45,000, while financial activities ticked up by 4,000 jobs, following an increase of 10,000 jobs in June.
Goods-producing industries added 22,000 jobs in July, with construction adding 22,000 and manufacturing declining by 5,000 positions.
"Job growth remains remarkably stable,” said Mark Zandi, chief economist of Moody’s Analytics. “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.”
ADP also revised June’s jobs addition number upward from 188,000 to 198,000.
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