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News : US Economy Last Updated: Aug 4, 2011 - 6:47 AM


US private-sector employment is estimated to have increased by 114,000 in July
By Finfacts Team
Aug 3, 2011 - 2:51 PM

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US private-sector employment is estimated to have increased by 114,000 in July on a seasonally adjusted basis, according to the latest ADP National Employment Report released today.

The estimated advance in employment from May to June was revised down modestly to 145,000, from the initially reported 157,000. Manufacturing employment decreased 1,000 in July, which has seen growth in seven of the past nine months.

The Bureau of Labor Statistics (BLS) monthly employment report including both public and private sector jobs, will be published on Friday.

“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, CEO of ADP. “Construction lost 11,000 jobs this month, and manufacturing and financial services were nearly flat with losses of 1,000 each.

“However,” continued Butler, “the professional business services, education and healthcare sectors had good growth. Another bright note is that small businesses showed positive job growth for the 20th straight month, averaging 69,000 jobs a month for the past year.”

According to Joel Prakken, chairman of Macroeconomic Advisers, an economics consultancy, “Today’s ADP National Employment Report suggests that employment continued to advance at a moderate pace in July. This gain of employment growth is moderately above the consensus forecast for Friday’s jobs number from the BLS, and this pace of job creation usually implies a steady unemployment rate. However, employment is decelerating. Since February, the three-month percent change has declined every month, from 0.60% then to 0.27% in July.”

US Nonfarm Private Employment Highlights - - July, 2011 Report:

  • Total employment: +114,000

  • Small businesses:* + 58,000

  • Medium businesses:** + 47,000

  • Large businesses:*** + 9,000

  • Goods-producing sector: - 7,000

  • Service-providing sector: +121,000

* Small businesses represent payrolls with 1-49 employees
** Medium businesses represent payrolls with 50-499 employees
*** Large businesses represent payrolls with more than 499 employees

TrimTabs Investment Research estimated the that economy added 161,000 jobs in July, up from 128,000 estimated in June.

On Tuesday, President Obama called on Congress to extend unemployment-insurance benefits and a payroll-tax credit for employees. He also urged lawmakers to approve a patent overhaul, free-trade deals and an infrastructure-funding bank.

"There's no reason for Congress not to send me those bills so I can sign them into law right away, as soon as they get back from recess," Obama said.
"It shouldn't take the risk of default, the risk of economic catastrophe, to get folks in this town to work together and do their jobs."

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© Copyright 2011 by Finfacts.com

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