US Administrative and Waste Management Services Sector NAICS 56

Aug 4, 2025 - US Labor Market Shows Signs of Cooling

• The US added 73,000 jobs in July, significantly lower than the Dow Jones estimate of 100,000, according to the US Bureau of Labor Statistics and reporting by CNBC. The weaker jobs report in June included a combined downward revision for June and May of 258,000 jobs. Some economists suggest softer employment growth in July, and the revisions for May and June could signal a deterioration of the US labor market. Higher costs could be prompting firms to postpone hiring. The healthcare and social assistance sectors accounted for 94% of July job growth. The professional and business services sector shed 14,000 jobs.
• A shooting attack at a Park Avenue office building in New York City in late July that left four people dead is prompting some large companies and building owners to review their security protocols, according to The Wall Street Journal. Security at the building was tight, including armed guards, badge-enabled turnstiles with glass gates, and security cameras. However, experts suggest that it is difficult to stop a well-armed assailant intent on harm who has no regard for their safety. In the wake of the shooting, some security firms and consultants noted an immediate uptick in inquiries from large employers seeking reevaluations of their security policies. Some firms are installing AI-enabled security cameras and software that can detect a weapon and immediately trigger a lockdown or disable elevators. Positioning lobby guards behind bulletproof glass is another solution.

• The One Big Beautiful Bill Act (OBBBA), signed by President Trump in early July, includes provisions that could benefit some firms in the waste management industry, according to Waste Dive. The legislation extends the section 45Z Clean Fuel Production Tax Credit through the end of 2029. The tax credits incentivize fuel production from non-petroleum sources, including landfills, and they are transferable, which allows fuel producers to sell the credits to others wishing to reduce their federal taxes. The 45Z credits were created under the Biden-era Inflation Reduction Act, but the new law extends them an additional two years. Waste haulers and other firms that operate vehicles could benefit from the OBBBA making permanent a bonus depreciation provision that allows businesses to pay fewer taxes on new purchases, including vehicles.
• Graduates fresh out of college are having a difficult time landing jobs, according to The Wall Street Journal. While the overall unemployment rate is about 4%, over the past 12 months ending in May 2025, the unemployment rate for recent college graduates is 6.6%. Amid global economic uncertainty, many firms have cut back on hiring. That is mainly impacting young people. Older workers with jobs have managed to hold onto them as layoffs remain low. While it’s typical for unemployment figures to be higher for younger workers, in a recent report, the Federal Reserve Bank of New York said the labor market for fresh college graduates “deteriorated significantly” in the first quarter of 2025. Companies that are hiring tend to rely on older, experienced workers with more skills, making the job search for younger graduates even harder.