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Industry News

Strong July job numbers show that it’s a good time to start a new business

Strong July job growth and rising consumer confidence represent positive signs.

Strong July job growth and rising consumer confidence represent positive signs.

Job figures for July were recently released, showing that 209,000 new positions were created, USA Today reports. This marks the sixth straight month of 200,000-plus job increases, which is the longest such stretch since 1997. 

The government announced that the economy in the second quarter grew at a higher rate than its expected 4 percent annual growth.

Job gains were particularly strong in business, including professional and business services, as well as manufacturing, retail and construction. The figures were as follows: 47,000 for professional and business services, 28,000 for manufacturing, 27,000 for retail, 22,000 for construction and 21,000 for the leisure and hospitality industries. 

In addition, governments at the federal, state and local level collectively added 11,000 jobs in July. 

Several aspects of recent job growth demonstrate its widespread nature. Many full-time positions were created in July, whereas it was mostly part-time workers who made gains in June. Similarly, while many of the previous created positions were in the lower wage restaurant and home healthcare sectors, job growth in the last several months has charted a broader, more widespread course. Growth has spread to now include many high-wage industries, such as architecture, engineering, finance and computers.

In addition, consumer confidence has been buoyed by strong employment numbers. During July, consumer confidence rose to a seven-year high, USA Today writes.

To be sure, job growth and rising consumer confidence represent encouraging signs for individuals wanting to start their own businesses. If you are interested in starting your own business, you can benefit greatly from the expertise of a register agent at an incorporation services company.