ADP reported U.S. private-sector payrolls rose 98,000 in June, following a
122,000 gain in May; Bloomberg economists had expected a 120,000 increase. The
print supports a view that, after months of uneven hiring, the labor market is
firming — job openings are rising and layoffs remain low. If official government
payrolls confirm the trend, it could lift market expectations for additional Fed
rate hikes this year to curb inflation. Education and health services accounted
for roughly half of the June gain, with trade, transportation and utilities and
financial activities comprising much of the remainder; nearly all industries
added staff and gains were broad across company sizes and regions.
