More jobs than expected added in July, according to new report
According to a new survey from private payroll firm Automotive Data Processing Inc., businesses added 163,000 jobs in July, which was more than expected for the month.
The Los Angeles Times reported that despite the surpassed expectations, the economy is still sluggish, but CNBC reported that the numbers could be a sign of an improving job market.
NPR noted that ADP and the Bureau of Labor Statistics had conflicting reports for the month of June and that the same may happen for July. ADP reported more job growth for June than the Bureau of Labor Statistics did.
The ADP report precedes one from the Bureau of Labor Statistics that is scheduled to come out Friday.
According to the latest numbers, Chattanooga's unemployment rate increased from 7.1 percent in April to 7.4 in May.
And the state's rate rose from a revised rate of 7.9 percent in May to 8.1 in June.
A recent report from Robert Half, a national staffing agency that has a local office, found that the majority of executives who responded to a hiring survey said they don't plan to add employees anytime soon.
Eighty-eight percent of executives don't have plans to make changes to their full-time professional staff, according to ADP's report. Five percent said they anticipate bringing on additional staff, and another 5 percent said they plan on making reductions.
The addition of 163,000 jobs was down from ADP's estimate that 172,000 jobs were added in June.
Employment in the private service sector grew by 148,000 jobs in July, according to ADP.
The private goods-producing sector added 15,000 jobs last month, and manufacturing employment increased by 6,000 jobs.
"Employment on large payrolls—those with 500 or more workers—increased 23,000, and employment on medium payrolls—those with 50 to 499 workers—rose 67,000 in July," according to the report. "Employment on small payrolls—those with up to 49 workers—rose 73,000 that same period."
Construction employment increased for the second consecutive month with the addition of 5,000 positions, and the financial services sector added 9,000 jobs between June and July, the 12th consecutive monthly gain.
