U.S. private payrolls rise by 497,000 in June - ADP By Investing.com

*U.S. PRIVATE PAYROLLS RISE BY 497,000 IN JUNE, MORE THAN DOUBLE EXPECTATIONS - ADP 🇺🇸🇺🇸

Private payrolls rose by 497,000 jobs last month, the ADP National Employment report showed on Thursday, up from a downwardly revised level of 267,000 in May. Economists had expected the reading to tick up by 228,000.

“Consumer-facing service industries had a strong June, aligning to push job creation higher than expected,” said Nela Richardson, chief economist, ADP. “But wage growth continues to ebb in these same industries, and hiring likely is cresting after a late-cycle surge." The numbers come ahead of the publication of the Labor Department's more comprehensive and closely monitoredfor June on Friday. The U.S. economy is expected to have added 225,000 jobs during the month, down from 339,000 in May.

Markets will likely be on the lookout for signs that the jobs market is cooling enough to help tamp down

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United States ADP Nonfarm Employment Change⚠️BREAKING: *U.S. JUNE ADP NONFARM PAYROLLS RISE BY 497,000; EST. 228,000; PREV. 278,000 *BIGGEST MONTHLY INCREASE SINCE DECEMBER 2022 🇺🇸🇺🇸
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