Payroll Increase Beats Expectation Due to Tax Cuts
Or as Nancy Pelosi calls it, “crumbs”.
Here’s what the Democrats have been labeling the “tax scam” at work. And making a difference for hundreds of thousands of Americans.
Private payrolls in the U.S. increased by more than expected last month as companies get a boost from lower corporate taxes, ADP and Moody’s Analytics said Wednesday.
Jobs in the U.S. increased by 219,000 in July, while economists polled by Reuters expected a gain of 185,000. July’s job gains were the best since February, when 241,000 jobs were added. Jobs growth for the previous month was also revised up to 181,000 from 177,000.
Medium-sized businesses, which employ 50 to 499 people, added the most payrolls in July as they created 119,000. Larger businesses, meanwhile, expanded their payrolls by 48,000. Small businesses, which employ one to 49 people, say payrolls grow by 52,000.
And yes, manufacturing is rising.
Meanwhile, the goods-producing sector saw payrolls increase by 42,000, led by a 23,000 gain in manufacturing jobs and 17,000 additions in construction.
“The labor market is on a roll with no signs of a slowdown in sight,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Nearly every industry posted strong gains and small business hiring picked up.”
This is the economy that the Dems want to run against.