June was another great month for the job market, with the newly released ADP national employment report spotlighting the 237,000 new private sector jobs created last month. Not only did this surpass May's own gains of 203,000 added jobs, but it is also the highest increase in employment numbers since December 2014. The number is also considerably higher than what many economists were expecting — a Bloomberg poll of 44 economists found that the median forecast expected for June job growth was just 218,000.
Of these 237,000 new jobs, a little more than half — approximately 120,000 — were produced by small businesses. This is an especially heartening find, as it shows that, despite concerns over whether or not healthcare costs would impede small business growth, many entrepreneurs are capitalizing on an increasingly thriving economy to expand their companies and bring on more employees in the process.
"The U.S. job machine remains in high gear," Mark Zandi, chief economist for Moody's Analytics, said in an official statement. "The current robust pace of job growth is double that needed to absorb the growth in the working age population […] Most encouraging is the healthy rate of job growth among the nation's smallest companies."
Small businesses weren't the only winners in the latest jobs report. Mid-sized businesses generated 86,000 new jobs, while large businesses — defined as companies with either 500 to 999 employees or more than 1,000 employees — produced 27,000 and 5,000 new jobs, respectively.
If you're a local Ohio entrepreneur looking to give your small business the jumpstart it needs and provide new jobs for other local Ohioans, contact Growth Capital Corp. today! We can help pair you with the best small business loans suited to your needs.