US Economy Adds 158,000 Private Sector Jobs in June
The U.S. economy added 158,000 private sector jobs during June, Moody’s Analytics and ADP found.
That’s below the expected 185,000 jobs added and short of the 230,000 jobs added during May, but economists say the lower number is a sign that the U.S. is heading toward full employment, according to CNBC.
Although the figure signifies continued economic growth, it fell short of the 230,000 jobs added during May. President Donald Trump lauded the May influx, citing market optimism about his incoming administration as the cause of the growth.
A Reuters of economists predicted 185,000 jobs prior to the beginning of June, a number revised from an earlier 253,000 projection.
Moody’s Analytics chief Mark Zandi said, “The job market continues to power forward. At this pace, which is double the rate of labor force growth, the tight labor market will continue getting tighter.”
The service industry powered the job growth in June. Professional and business occupations were most common, with 69,000 new positions. Administrative and support services also showed modest gains of 43,000 jobs, while trade, transportation, and utilities industries added 30,000 employees to the labor force.
The biggest area of decreasing employment was education, losing 6,000 spots in June. Concurrently, natural resources and mining fell by 4,000, and construction by 2,000.
Businesses containing 50 to 499 employees served as the largest source of job growth. These medium size establishments were responsible for 91,000 hirings. Large corporations followed, adding 51,000 positions. Small businesses, the market sector that played a pivotal role in job creation during the recovery, added only a mere 17,000 employees in June.