Household spending and business fixed investment has been increasing, and the housing market has strengthened in many areas of the country, but fiscal policy is restraining economic growth. Partly reflecting transitory influences, inflation has been running below the Committee’s longer-run objective, but longer-term inflation expectations have remained stable.
According to a new report issued by ADP, franchises across the U.S. created nearly 20,000 net jobs last month, restaurant franchises added the most jobs, with 13,980, followed by the business services (2,530) and food retailers (1,080) sectors.
While the report didn’t break down by state or regional data, it is likely a strong portion of those jobs were added here in the Phoenix market, which has had a number of new restaurant franchises announcing new locations in the area.
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