Good news on the job front this morning. ADP reports that 157,000 Private Sector jobs were added in June. That number is well above the 60,000 positions that were expected to be added.
Of note to me is where those jobs were added.
Small Businesses (those with fewer than 50 employees) added 88,000 jobs.
Medium Businesses (50-499 employees) added 59,000 jobs.
Large Businesses (500+ employees) added 10,000 jobs.
This trend continues to project improving job growth in the second half of 2011. Small businesses, as everyone knows, are a significant indicater of economic strength. If they start hiring that’s good news for all of us.
Also reported Thursday, the Labor Department said the number of first-time filers for unemployment insurance fell by 14,000 to 418,000 last week. Economists expected 425,000 initial claims. This is also promising news for job growth moving forward.