Private sector payrolls grew to a six-month high in June.
RTT News reported that 237,000 private sector jobs were added to the U.S. economy last month, an increase of 34,000 over May’s number. The source explained that this exceeded economists’ expectations significantly, as most industry experts had predicted an increase of just 220,000 positions. June’s growth represented the highest amount of job creation in this sector since December 2014, when 275,000 positions were added to private payrolls.
Reuters noted that much of this growth was due to an increase in factory work. The source reported that national factory activity index grew from 52.8 in May to 53.5 in June. Because a reading of at least 50 indicates industry growth, June’s data revealed significant sector expansion. Out of the 18 designated factory fields, 11 experienced notable growth. These included fabricated metal products, furniture, electrical equipment, appliances, components, and computer and electronic products. Only four fields reported decreased activity last month, reported Reuters.
Business and professional services increased by 61,000, nearly doubling its number from the previous month. The service and construction industries also experienced growth, noted RTT News. Small businesses increased their payrolls by 120,000, while medium and large businesses grew by 68,000 and 32,000, respectively.