Since the beginning of the year, well let’s be real- for the last couple of years- we have been keeping a very keen eye on the job market. Where is the unemployment rate this month? How many jobs were created? How many government jobs were erased? How is consumer confidence this month? These are all things we want to know on a monthly basis and the answers we receive give us an idea of how great, or bad, our job market is on a month to month basis. The first Friday of every month, the BLS jobs report is released and we all get our answers. Each month though, in anticipation for our job market results, there are tons of other reports that are released that can give us a small idea of what the past month looked like. According to these other reports, June was a much better month for us job market-wise than May. And thankfully so.
Based on reports from payroll provider ADP, it looks like June saw an addition of about 176,000 in the private sector. That’s a jump from the revised jobs number from May that reached 136,000. In terms of these stats, the reality is much better than what economists predicted for June- economists predicted that only 95,000 jobs would be added to the private sector this past month. Small businesses added the most jobs, naturally, with about 93,000. On the other hand, large businesses and corporations added a mere 11,000 jobs.
The report also dealt out refreshing news for the manufacturing and construction industries. It’s no secret that these fields were struggling, but it seems as though manufacturing added about 4,000 additional jobs last month and construction about 8,000. Although these are more than the previous month, these statistics hold true to the prediction economists made earlier when they stated that an early summer brought on more construction jobs in the beginning of the year and left less for the normal season.
The number of Americans that are applying for unemployment benefits also fell showing possible signs of improvement. According to the report, the number of applicants fell to 374,000- a 14,000 decrease. Along with the drop, the number of layoffs in June fell to 37,551. That’s the lowest number we have seen in 13 months. These are definitely signs of possible growth for our job market, but as we have learned in the past we must take these reports with a grain of salt. The numbers go up and down and up again. However, until we can really get ourselves back on track here with consistent month-to-month growth, we haven’t fully started on our road to recovery.