U.S. economy added 218,000 jobs in July, survey says
Hot on the heels of news that the U.S. grew at a decent 4 percent annualized clip in the second quarter of 2014 comes news of strong job growth, too.
The U.S. economy added a decent 218,000 jobs in July according to a survey by the private firm ADP. That may have been down on the 281,000 added in June, but it still indicates that the economic recovery remains robust.
The job gains were across multiple industries. Construction added 12,000 workers. Retail, shipping, and utilities gained 52,000. Professional and business services gained 61,000. Manufacturing was the weakest sector, adding just 3,000 jobs.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
"It feels to me like the job market is humming," said Mark Zandi, chief economist at Moody's Analytics, told the Houston Chronicle.
That sounds about right. If the official government jobs numbers, due Friday, match up to ADP's figures, we could see a drop in unemployment to just 6 percent. While that isn't as low as the Federal Reserve would like to see — Janet Yellen is targeting an unemployment rate below 5.5 percent — it would be much closer to that level than the 9.9 percent unemployment seen in the depths of the recession in 2009.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
John Aziz is the economics and business correspondent at TheWeek.com. He is also an associate editor at Pieria.co.uk. Previously his work has appeared on Business Insider, Zero Hedge, and Noahpinion.
-
Government shutdown looming? Blame the border
Talking Points Democrats and Republicans say funding for immigration enforcement is the budget battle's latest sticking point. That's about all they agree on.
By Rafi Schwartz, The Week US Published
-
'Conservatives have not limited their attack on reproductive rights to the US'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published
-
Immigration helped the US economy outpace peers
speed read The U.S. economy grew at an annualized rate of 3.2% last quarter
By Peter Weber, The Week US Published
-
4-day workweek gets boost from UK study
Speed Read Following a six-month trial, the majority of participating British companies are still using the truncated schedule
By Peter Weber, The Week US Published
-
US sues to block Kroger-Albertsons merger
Speed Read The Federal Trade Commission sued to block the $24.6 billion merger between the grocery giants
By Peter Weber, The Week US Published
-
Nvidia sees historic stock rise on AI chips success
Speed Read U.S. chipmaker Nvidia achieved the biggest one-day increase in value of any company in history
By Peter Weber, The Week US Published
-
New York may seize Trump's assets for $450M penalty
Speed Read The former president likely owes $600 million from two civil judgments in New York
By Peter Weber, The Week US Published
-
Capital One to buy Discover for $35B
Speed Read The deal, if cleared by regulators, would create the biggest credit card lender in the country
By Peter Weber, The Week US Published