U.S. employment rates continue to rise, increasing in almost every sector in July, according to the ADP and Moody's Analytics National Employment Report.
The National Employment Report indicates that private sector employment increased 219, 000 jobs from June to July.
The chart below demonstrates a steady rate of increase since 2013:
(Source: ADP, Moody’s Analytics)
“The labor market is on a roll with no signs of a slowdown in sight,” ADP Research Institute Vice President and Co-Head Ahu Yildirmaz said. “Nearly every industry posted strong gains and small business hiring picked up.”
The report indicates that construction jobs increased once again, and overall the goods-producing sector is predicted to increase by 42,000 jobs.
Below is a breakdown of job segments that saw increases or decreases in employment between June and July:
Natural resources and mining: Increase 3,000
Construction: Increase 17,000
Manufacturing: Increase 23,000
The service-providing sector is predicted to increase by 177,000 jobs, including:
Trade, transportation and utilities: Increase 21,000
Information: Decrease 1,000
Financial activities: Increase 15,000
Professional and business: Increase 47,000
Education and health: Increase 48,000
Leisure and hospitality: Increase 37,000
Other services: Increase 9,000
Moody’s Analytics Chief Economist Mark Zandi said that although the job market is healthy recent economic changes indicate potential instability to certain industries.
"The job market is booming, impacted by the deficit-financed tax cuts and increases in government spending," Zandi said. "Tariffs have yet to materially impact jobs, but the multinational companies shed jobs last month, signaling the threat."
