U.S. private sector adds 114,000 jobs in July

[News_Editor]

U.S. private sector adds 114,000 jobs in July

2011-08-04 11:18:05 GMT+7 (ICT)

WASHINGTON, D.C. (BNO NEWS) -- The U.S. private sector added 114,000 jobs in July from the previous month, according to a report released on Wednesday by Automatic Data Processing, Inc. (ADP).

The ADP National Employment Report showed that total employment increased by 114,000 in the private sector as small businesses added 58,000 jobs, medium businesses 47,000, and large businesses 9,000.

According to the ADP report, employment in the service-providing sector rose by 121,000 last month, marking 19 consecutive months of employment gains. Meanwhile, the goods-producing sector decreased by 7,000 jobs during the same period, the second decline in three months. The manufacturing sector, which has seen growth in seven of the past nine months, lost 1,000 jobs in July.

"Today's report shows modest job creation for the month of July at a rate of half what is needed for meaningful employment and economic recovery," said Gary C. Butler, Chief Executive Officer of ADP. "Construction lost 11,000 jobs this month, and manufacturing and financial services were nearly flat with losses of 1,000 each."

Butler noted that the professional business services, education and healthcare sectors had good growth with small businesses' continued positive job growth averaging 69,000 new jobs a month for the past year.

However, the report also revealed that employment is decelerating. Since February, the three-month percent change has declined every month, from 0.6 percent to 0.27 percent in July. The estimated advance in employment from May to June was also revised down, from an initial 157,000 to 145,000.

The report is derived from actual payroll data and measures the change in total nonfarm private employment each month.

-- © BNO News All rights reserved 2011-08-04

[midas]

does anybody believe ADP anymore after their abysmally wrong prediction last month?