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U.S. private payrolls increased more than expected in June, indicating that the labor market remains strong despite growing risks of a recession from higher interest rates.
Private payrolls jumped by 497,000 jobs last month, the ADP National Employment report showed on Thursday. Data for May was revised lower to show 267,000 jobs added instead of 278,000 as previously reported. Economists polled by Reuters had forecast private employment increasing 228,000.
The labor market has remained resilient despite 500 basis points worth of interest rate hikes from the Fed since March 2022, when the U.
