Contrary to the latest government report on total jobs, the payroll processing company ADP recently reported that the number of jobs created by privately held businesses grew rapidly in June. The figure was much higher than expected and more than four times higher than the prior month.
According to ADP, smaller businesses led in job creation. Small businesses, defined as those with fewer than 50 workers, added 88,000 jobs in June. Medium-size businesses, those with between 50 and 499 workers, gained 59,000. Larger privately held businesses added 10,000 jobs.
In a separate report, the Labor Department said the number of first-time filers for unemployment insurance fell by 14,000 in the most recent week, more than economists had expected.
In another positive indicator, luxury car makers posted record sales in the first half of the year and industry analysts expect growth to continue in coming months.
BMW is the world’s best selling luxury car. “We have just achieved another record month in sales and the best six months in our company’s history,” said Ian Robertson who is BMW Vice President of Sales.
Audi overtook Mercedes as the world’s second-largest luxury car maker by sales volume in the first half of the year. “The first half of the year was clearly better than we had expected,” Audi sales chief Peter Schwarzenbauer said.
Mercedes also reported strong sales growth and still generates more average revenue per vehicle than BMW or Audi.
In yet another encouraging sign, personal bankruptcies are down. After steadily climbing for several years, the number of Americans filing for bankruptcy is declining. The number of bankruptcy filings nationally in June was down by 6 percent from May.
Apparently it takes the media a while to report these things, as good news is never as attractive to them as bad news.
# # #William Bruce is an Accredited Business Broker and Appraiser assisting buyers and sellers of privately held businesses in the transfer of ownership. His practice includes consulting services nationwide to business owners and buyers. His article on the top three issues involved in the sale or purchase of a business may be read by clicking here. He may be reached at (251) 990-5910 or by email at WilliamBruce@bellsouth.net.