This was a quote from last month by Mark Zandi, chief economist at Moody's Analytics, which works with ADP on producing the monthly private sector jobs report. “Business’ number one problem is finding qualified workers.”
Well, with the class of 2018 beginning to enter the workforce, they're finding more of them. Coming into the summer I mentioned that we were set for the best summer hiring season on record for grads looking for work. That's exactly what we're seeing here.
According to the ADP private-sector jobs report, we added another 219,000 jobs in July. That's a huge number at this point in the cycle with already low unemployment. Here are some key takeaways from the report. Number one, we added 16,000 more private sector jobs in July of 2018 compared to July of 2017. So far in 2018, we've averaged 207,000 private sector jobs per month. Where were jobs added in July? Small businesses added 52k, mid-sized increased+119k and large businesses went up over 48k.
The more you dig in, the more good news you find. Small business hiring accelerated through the month as did mid-sized companies. Those with 50 to 500 employees are clearly in the sweet spot in this economy right now.
The five industries leading the pack rank:
Education & Health +48k
Professional and business services: +47k
Leisure & Hospitality: +37k
Manufacturing: +23k
Trade, transportation & utilities: +21k
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