Signs of a slow but steady economic recovery from the pandemic are visible with continued increases in employment across all industries, according to the July ADP National Employment Report released Wednesday (Aug. 4).
Since the beginning of 2021, the U.S. economy has added more than 3 million private sector jobs, including 330,000 new positions from June to July, the report stated.
The pace of new job creation in the private sector has dropped significantly as compared to the period from May through June, which saw more than 690,000 new roles, according to a previous PYMNTS report.
In May alone, the private sector welcomed a whopping 978,000 new jobs — the most since June 2020 — while April showed early signs of an economic rebound with the creation of 654,000 new jobs.
“The labor market recovery continues to exhibit uneven progress, but progress nonetheless,” said ADP Chief Economist Nela Richardson in a prepared statement. “July payroll data reports a marked slowdown from the second quarter pace in jobs growth. For the fifth straight month, the leisure and hospitality sector is the fastest growing industry, though gains have softened. The slowdown in the recovery has also impacted companies of all sizes. Bottlenecks in hiring continue to hold back stronger gains, particularly in light of new COVID-19 concerns tied to viral variants. These barriers should ebb in coming months, with stronger monthly gains ahead as a result.”
Hard-to-fill service jobs saw an increase of 318,000 positions, according to the report. Of those, the most marked growth was in the leisure/hospitality realm, which had an increase of 139,000 jobs.
Goods-producing jobs, including natural resources/mining, construction and manufacturing saw an uptick of 12,000 jobs, the report stated.