Private sector job growth unexpectedly surges by 497,000 in June, ADP says

Hiring by U.S. companies surged more than expected in June, pointing to a labor market that remains tight even in the face of higher interest rates, according to the ADP National Employment Report released Thursday morning. 

Companies added 497,000 jobs last month, more than double the 228,000 gain that economists surveyed by Refinitiv predicted. That is also higher than the downwardly revised 267,000 increase recorded in May. It marked the largest one-month gain in more than a year.

The surprise jump in payrolls comes despite an aggressive interest rate hike campaign by the Federal...