U.S. Franchises Added 33,000 Jobs in September
With only 142,000 jobs added during September according to the U.S. Bureau of Labor Statistics, those of us in the franchise world can feel good knowing 33,000 of those jobs came from franchising—23 percent!
The Dow Jones Industrial Average briefly plummeted this morning at the news of only 142,000 new U.S. jobs, including downward revisions for July and August, ADP’s National Franchise Report stated that private-sector franchise jobs increased by 33,000 during the month of September.
“Franchise employment growth rebounded in September exceeding August by 50 percent,” said Ahu Yildirmaz, vice president and head of the ADP Research Institute. “The big story was restaurants, which accounted for 75 percent of total franchise employment growth for the month.”
Digging further into the numbers, franchised auto parts and dealers added 6,600 jobs, gasoline and auto repair stations added 1,000 and personal care retailers added 810 jobs within the category.
Outside of the franchise world, the BLS reported that health care added 34,000 jobs during September, while employment in professional and business services added 31,000 jobs. Retail trade increased 24,000 jobs, which is only 3,000 less than the average of 27,000 jobs added by the category throughout 2015.
Click HERE for a deeper look into ADP’s monthly National Franchise report. October’s numbers will be released on November 4th.
In line with the year’s theme of economic volatility and geopolitical uncertainty, the latest data was largely reported as a sign that America’s economic engine is slowing down as the temperatures fall into autumn.
Perhaps we all—especially investors—would feel more at ease if Fed Chair Janet Yellen was spotted shopping for a high-end speedboat. Hint, hint, Janet…