The economy is slowly building momentum, and as a result, the private sector experienced significant job growth last month.
In July the private sector added 163,000 new jobs, according to a report from Automatic Data Processing. Based on this number, analysts from the company claim another economic downturn in the near future is unlikely.
"Now payroll gains appear to have settled down, averaging a little above 150,000 in June and July," Capital Economics chief economist Paul Ashworth said regarding the new data, according to HousingWire. "Not great, but just about enough to keep the unemployment rate on a gradual downward trend."
Last month, small businesses led the way with job creation, adding an estimated 73,000 positions, the report said. Meanwhile, medium-sized business accounted for 67,000 jobs, while large company payrolls grew by just 23,000.
With a greater number of consumers obtaining job security and mortgage rates hovering at record-lows, homebuying activity could spike in the coming months, as more prospective borrowers find the financial safety and soundness needed to make major investments.