Inside The ADP Jobs Report - July 2021
Bottom Line: Recently the question hasn’t been about whether there are jobs for people to go back to. It’s been about how to get people sitting on the sidelines back into the workforce. Florida, along with 25 other states, have ended the federal unemployment assistance, which led to many furloughed employees receiving more on unemployment than they earned while working...and consequently kept them on the sidelines. Once the decisions to end the benefits were made, we began to see to see searches for work rise and that’s translated into more people going back to work.
According to the ADP Report reflecting the growth in private sector jobs in June, there were 692,000 private sector jobs added. That included...
- Small businesses: +215,000
- Midsized: +236,000
- Large: +240,000
The size of the gains were encouraging as was where they came from. Across the board gains with fairly equitable growth across businesses of all sizes. While large companies added the most jobs, they didn’t come at the expense of small businesses, so the report shows solid, across the board progress in the recovery. This continuation and acceleration of small business hiring is especially encouraging. Small businesses are leading economic indicators and typically are only hiring when the real-time demand is there to necessitate it.
Here were the top industries for hiring in June:
- #1: Leisure and Hospitality
- #2: Education & Health
- #3: Professional & Business Services
We continued to see all but one sector add jobs. The information sector, which shed 4,000 jobs during the month and has been consistently the weakest halfway through 2021. The news was generally good, and we really saw the awakening of the hospitality related jobs as people are getting back to traveling and vacationing which bodes well for Florida. The ramping up of the cruise industry in real-time should only continue to help. Tomorrow we’ll get the full jobs picture with government jobs added in. More to come...