US private sector employment beats expectations

According to ADP data, private payrolls increased by 90,000, exceeding market expectations for a gain of 75,000. Employment had risen by 36,000 in the previous period. The figures showed that hiring regained momentum following three months of slowing growth.

More than half of the employment gains came from education and health services, while leisure and hospitality, construction and manufacturing also recorded strong increases. ADP Chief Economist Nela Richardson said job growth had accelerated again while wage growth remained solid. The strong labor market data is also being closely watched for its potential implications for the Fed’s interest rate policy.