The number of people hired in July beat economists' estimates, as 163,000 new positions were added during the period. This news comes just one month after employment increased by 172,000.
The figures, from an ADP Employer Services report, were higher than the median estimate of Bloomberg-surveyed economists, who had predicted the numbers to rise by 120,000. In an interview with Bloomberg, ING economist James Knightley said that despite the positive numbers, the rate of recovery was not fast enough to lower the unemployment rate nationally.
“It’s an encouraging sign that suggests there is growth and companies are looking to hire,” Knightley told the news outlet. “Job growth is still not rapid enough to bring down the unemployment rate significantly.”
Another survey by Bloomberg showed that economists expect a jobs report from the Labor Department to show that payrolls increased by 110,000 in July.
In some cases, hiring has been increased thanks to grants from the government. St. Louis Community College received $181,638 in grants from the Environmental Protection Agency to help train workers for future employment, the St. Louis American reports.
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