U.S. private-sector hiring hit a 1-1/2-year high in June, reinforcing views that momentum was building to carry the economy through the rest of the year after a dismal start.
Wednesday’s report from payrolls processor ADP added to other bullish data ranging from manufacturing to auto sales that has suggested the economy has bounced back smartly after a first-quarter slump.
“This is further proof that recent weaker growth numbers are not a true reflection of the U.S. economy,” said Stuart Hoffman, chief economist at PNC Financial Services in Pittsburgh.
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