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U.S. Private Sector Employment Spikes More Than Expected In May

A report released by payroll processor ADP on Thursday showed private sector employment in the U.S. spiked by much more than expected in the month of May.

ADP said private sector employment soared by 978,000 jobs in May after surging by a downwardly revised 654,000 jobs in April.

Economists had expected private sector employment to increase by 650,000 jobs compared to the addition of 742,000 jobs originally reported for the previous month.

"Private payrolls showed a marked improvement from recent months and the strongest gain since the early days of the recovery," said Nela Richardson, chief economist at ADP.

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