U.S. Economic News
August 1, 2018
U.S. Economic Indicators
The ADP Employment Report shows that private-sector employment increased by 219,000 jobs in July, well above expectations of 173,000. The services sector added 177,000 jobs and the goods-producing sector added 42,000 jobs. ADP Report
The ISM Manufacturing Index declined 2.1 percentage points to 58.1 in July. The Employment Index edged up 0.5 percentage point to 56.5 while the New Orders Index fell 3.3 percentage points to 60.2. ISM Report
Construction spending declined 1.1% in June to an annualized rate of $1.32 trillion. Public construction dropped 3.5% while private construction edged down 0.4%. Census Report
U.S. News
The Financial Times reports that U.S. manufacturers are struggling to recruit millennials. Some manufacturers say that the inability to hire young workers is their top growth limiter and are expanding apprenticeship programs to help fill the 3.4 million manufacturing jobs projected to open over the next decade. FT