Job Prospects Looking Up

According to the ADP National Employment Report, businesses added 188,000 jobs in June, up from 134,000 jobs added in May.That seems to be the strongest hiring trend since February. The increase is almost 20,000 more jobs predicted by experts.

Small business showed the greatest growth with 84,000 jobs in June versus larger companies, with employees of more than 500 people, adding a 49,000 new jobs.

Goods-producing employment rose by 27,000 jobs in June, its largest increase in four months.Construction added 21,000 jobs, its biggest increase since January, while manufacturers added a mere 1,000 jobs following a two-month decline.

The ADP report was seen as a positive sign for the broader job market because it is considered a preview to the much-watched government jobs report, which includes public and private sector positions. The government’s report comes out Friday, and is expected to show the economy added 155,000 jobs.

More good news on the jobs front: A separate report released Wednesday showed that 343,000 people filed for first-time unemployment claims last week, 5,000 fewer claims than the week before.

Mark Zandi, chief economist of Moody’s Analytics, said, “The job market continues to gracefully navigate through the strongly blowing fiscal headwinds. Health Care Reform does not appear to be significantly hampering job growth, at least not so far. Job gains are broad based across industries and businesses of all sizes.”

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