Economic drivers continue to come from small bizNonfarm private employment took an unexpected move upwards from June to July in 2008, but the job situation in the US still merits concern.
The sector of service providers grew, while goods producers and manufacturing declined. If that doesn't illustrate the broadening gap between rich and poor, nothing else will.
Growth in the service industries received its biggest push from small business. Service jobs rose by 74,000 in July. Goods-producting jobs dropped 65,000, and manufacturing jobs lost 49,000 in the month.
The economic driver provided by small business saw employment rise by 50,000 according to payroll firm ADP's National Employment report.
Businesses with 49 or fewer employees experienced that increase, while medium-sized firms in the 50 to 499 worker range dropped 9,000 jobs. Large businesses had correspondingly big losses, as they shed 32,000 workers from their payrolls.
ADP said the continued fall related to the housing crisis saw a decline in construction jobs, with such employment falling by 16,000 in July. That drop was the smallest decline seen in recent memory. The financial sector experienced drops along with housing, but in July employment related to financial activities grew by 4,000.
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