SOURCE:
HOTAIR.COMURL:
http://hotair.com/archives/2016/08/03/adp-private-sector-added-only-179000-jobs-in-july/BY: ED MORRISSEY
Don’t expect much in the way of happy surprises in Friday’s jobs report from BLS. The US economy has barely lifted its head in two straight quarters, according to the Bureau of Economic Analysis’ GDP reports, and the jobs situation doesn’t look much better. Payroll service giant ADP estimates that the US economy only added 179,000 jobs in July, the fourth straight month of sub-200K job creation growth:
Private sector employment increased by 179,000 jobs from June to July according to the July ADP National Employment Report® . Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis. …
Payrolls for businesses with 49 or fewer employees increased by 61,000 jobs in July, down from 86,000 in June. Employment at companies with 50-499 employees increased by 68,000 jobs, up from last month’s 56,000. Employment at large companies – those with 500 or more employees – increased by 50,000, up from June’s 34,000. Companies with 500-999 employees added 16,000 and companies with more than 1,000 employees added 33,000 in July.
Goods-producing employment was down by 6,000 jobs in July, following June losses of 28,000. The construction industry lost 6,000 jobs, following June losses of 4,000 jobs. Meanwhile, manufacturing gained 4,000 jobs after losing 15,000 the previous month.
The report’s chart of job creation over the past year shows an almost unbroken level of stagnation:
Just as a reminder, the rate of population growth and the current (poor) workforce participation rate requires an additional 135-150,000 jobs a month to be created just to remain even. Assuming that the BLS data will roughly match ADP’s findings, we’re barely keeping pace — and we haven’t seen a hint of breakout job creation all year.
For some reason, Yahoo News calls this “solid job growth”:
