Economic growth may be sluggish and wages flat, but employers just keep on hiring.
A long streak of solid Employment Situation Summaries continued through July, with the Bureau of Labor Statistics' latest report revealing that the economy added 215,000 jobs last month. However, the unemployment rate remained flat at 5.3 percent. The finance sector and professional business and technical services firms continued their own stretches of healthy hiring, and most of the jobs were added by larger companies of 500 employees or more, according to ADP data.
"The finance sector continued its own stretch of healthy hiring."
"It's solid across the board with no red flags," Gus Faucher, senior economist at PNC Financial Services, told The New York Times. "We had a nice gain in manufacturing, which is always good news, and financial services was also strong, and these tend to be well-paying jobs. The data is just consistent with broad-based economic growth."
Finance sector's strong hiring continues
Though the government's numbers on hiring in July weren't particularly exciting in any way, they weren't bad, which is a good sign for hiring managers and job seekers alike, as the job market appears to be one area of the economy that continues to chug along steadily, even as other aspects' growth rates seem uneven or sluggish. One economist even told the Washington Post that "boring is good."
Especially good news for finance professionals in search of work, is that this area of the economy also continues to add jobs. There may be a hint of boredom to that as well, as the strongest aspects of July's financial activities hiring remained insurance jobs and related areas. Still, news coming out of the finance sector regarding jobs was once again solid. Financial activities employment rose by 17,000 jobs last month.
Average monthly job growth above 200,000
Despite momentary blips, hiring on average is above the baseline of 200,000 jobs per month. So far in 2015, growth has averaged 211,286 monthly positions added, a sign that employers have been more than willing to hire thus far this year, Time Magazine noted.
The solid July jobs report comes after upward revisions for the months of May and June. The revision added 14,000 more jobs through those two months. Over the last three months, the economy has added an average of 235,000 positions monthly. Elsewhere in the economy, growth may appear slow, but one thing seems certain month-to-month: Employers are willing to hire.