Franchises hired another 17,010 workers in July, according to the ADP National Franchise Report. That’s about half of June’s increase, but consistent with lower hiring by all U.S. small businesses.
“Franchise job growth slowed significantly in July,” said Ahu Yildirmaz, vice president and head of the ADP Research Institute. “Since many franchise businesses fall into the less than 50 employees category, this is consistent with a sharp drop in small business hiring during the month.”
Overall U.S. employment increased by 218,000 in July, ADP said, with businesses sized 1-19 employees adding 34,000 and companies sized 20-50 employees adding 50,000.
“Although down from June, the July jobs number marks the fourth straight month of employment gains above 200,000,” said Carlos Rodriguez, president and chief executive officer of ADP.
Mark Zandi, chief economist of Moody’s Analytics, said, “The July employment gain was softer than June, but remains consistent with a steadily improving job market. At the current pace of job growth unemployment will quickly decline. Layoffs are still receding and hiring and job openings are picking up. If current trends continue, the economy will return to full employment by late 2016.”
