US private sector hiring surges by 497,000 in June, ADP says

Hiring in America's private sector surged last month, the results of a survey showed.

Consultancy ADP reported a 497,000 surge in hiring for the month of June.

Economists polled by Dow Jones Newswires had anticipated a rise of 220,000.

Some investors used the ADP figures as a guide post for the official non-farm payrolls data published on the following day.

Nevertheless, their track record was less than spectacular, having generated a mean error of -67,000 over the last 10 months.

In the past couple of months the ADP estimate had been slightly stronger than the official tally, Ian Shepherdson, chief economist at Pantheon Macroeconomics noted.

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