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U.S. private-sector employment rose by 200,000 jobs in July, according to the national employment report released today by Automatic Data Processing Inc. (NASD: ADP). In addition, the private sector job gain in June was revised up to 198,000 from 188,000.
“Job growth remains remarkably stable,” said Mark Zandi, chief economist at Moody’s Analytics, which produces the report with ADP. “Businesses are adding to payrolls in most industries and across all company sizes. The job market has admirably weathered the fiscal headwinds, tax increases and government spending cuts. This bodes well for the next year when those headwinds are set to fade.”
The service providing sector added 177,000 jobs in July while the goods-producing sector added 22,000.
Small businesses led in adding 82,000 jobs in the month. They were followed by medium-sized firms, which added 60,000 jobs. Large business added 57,000 jobs.