U.S. private payrolls beat expectations in June - ADP

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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. 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.S. central bank embarked on its fastest monetary policy tightening campaign in more than 40 years to stamp out inflation.