With the revolving door of employees at the White House, it can be confusing as to how the nation is doing as a whole in the employment department. Long story made short, we're still doing fine, but not as fine as we expected. July's ADP Jobs Report has arrived and the numbers are in for the past month, but also readjustments for the previous month's numbers.
As a whole, companies have added 178,000 jobs in July and that's 7,000 jobs shy of Wall Street's expectations. Many economists were also expecting 180,000 jobs in July, but the economy is moving closer to full employment. Slowing growth is only appropriate when the gap is closing. In fact, July's numbers rank as the second-lowest of 2017. In addition, June's numbers were adjusted higher, going from 158,000 to 191,000.
If you're in the service industry, you're doing well with a growth of 174,000 jobs in July. To be more specific, Professional and Business services were awarded the highest gains with 65,000 jobs. Financial Activities didn't do too bad either with 13,000 jobs and technology wasn't far behind with 8,000 added jobs.
In terms of business size, mid-sized business showed the most growth with 83,000 jobs, followed by small business (50,000) and large businesses (45,000). With all of these added jobs, unemployment was expected to go down to 4.3 percent, but we'll see if the government report tells the same tale. It's also worth mentioning that hourly earnings growth was still at 2.5 percent.
Remember that the closer we move to full employment, the harder it will be to fill those open positions. Not because there aren't qualified candidates around, but because they will be harder to find without the right network. At ICS, we provide that network of candidates that are more than willing to come in to your company and do great work. Contact us when you need to hire those hard to find candidates or if you need to find out what staffing solutions could work for your situation. We're always here to help companies succeed and that's why we'll always collaborate.