CNBC: Private Sector Adds More Jobs Than Expected in July

The private sector added 179,000 jobs in July, with services sector growth outpacing goods-producing sector growth.

Read the original at 1851 Franchise
CNBC: Private Sector Adds More Jobs Than Expected in July

TL;DR

The private sector added 179,000 jobs in July, with services sector growth outpacing goods-producing sector growth. Companies added 179,000 positions for the month, topping Reuters estimates of 170,000.

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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This story was originally published in 1851 Franchise on August 3, 2016. Burnaze summarizes and links to the original reporting.

Read the full story at 1851 Franchise

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