US private hiring hotter than expected

By Agence France-Presse

Aug 04, 2023 12:16 am

WASHINGTON, D.C.: Hiring in the US private sector decelerated in July but was nearly twice as high as analysts expected according to payroll firm ADP on Wednesday, signaling strength in the jobs market.

The US labor market has proven resilient even as the central bank hiked interest rates rapidly since March 2022 to cool demand — with higher lending costs making it pricier to borrow funds for activities like business expansion.

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