This week’s featured chart from Dun & Bradstreet (D&B), a company that supplies commercial data to businesses, provides us with an updated report on job health of the U.S. The total jobs growth numbers combines D&B’s Small Business Health Index industry data with numbers from the Bureau of Labor Statistics to forecast monthly non-farm payroll employment. The D&B Economic Health Tracker highlights trends in specific industry sectors.
There’s a bit of optimism and some positive advancements in the market. Payroll jobs are being generated a bit higher than expected. D&B estimates that 218,000 new non-farm jobs were added to U.S. payrolls in October 2014. That’s an 4.8% increase over September when the labor market suffered a 15.8% setback. According to D&B’s Economic Health Tracker, the business services sector led the way, adding about 74,000 jobs in October. Manufacturing, retail, construction, and trade, transportation and utilities continued to rise, while the real estate sector experienced a decline. D&B Global Chief Data, Insight, & Analytic Officer Paul Ballew noted that with these sectors of the economy really starting to surge, the U.S. should see stronger economic growth in 2015. D&B anticipates generating over 200,000 jobs again this month. This is encouraging as the U.S. continues to chip away at this severe downtown and the consequences on households. Ideally, we would like to see payroll jobs accelerate a bit more but with 200,000+ jobs given 2.0% growth, we can see that labor market conditions are starting to provide some support for stronger economic growth. The private sector continues to be in great shape, maintaining at record levels from a financial standpoint along with the ability to make investments. The economy is counting on investment spending to increase in 2015 to support growth.