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Economic Snapshot: Private sector employment adds 158,000 jobs

By Brianna Liestman

Private sector employment increased by 158,000 jobs from May to June, according to the June ADP National Employment Report. This is significantly fewer jobs than were added in May, when private sector employment increased by 230,000 jobs.

Medium businesses contributed most heavily to the increase, adding 91,000 jobs. Large business added 50,000 jobs, while small businesses only added 17,000 jobs.

Service-providing employment added 158,000 jobs in June. Professional/business services added 69,00 jobs, trade/transportation/utilities added 30,000 jobs, leisure/hospitality added 11,000 jobs and financial services added 10,000 jobs.

Meanwhile, goods-producing employment added net zero jobs. While manufacturing added 6,000 jobs in June, construction and natural resources/mining lost 2,000 and 4,000 jobs, respectively.

GDP

Real gross domestic product increased at an annual rate of 1.4 percent in the first quarter of 2017, according to the "third" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2016, real GDP increased 2.1 percent.

The third estimate is based on more complete source data than were available for the second estimate issued last month. In the second estimate, the increase in real GDP was 1.2 percent.

With the third estimate for the first quarter, personal consumption expenditures and exports increased more than previously estimated, but the general picture of economic growth remains the same.

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