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The US labor market still looks like it’s running hot.
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Thursday’s ADP data was double economists’ estimate, with a headline gain of 497,000 jobs.
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The reading suggests further rate hikes from the Fed and pain ahead for stocks.
The stock market is not loving Thursday’s jobs data.
Private payrolls jumped by 497,000 in June, ADP reported, the biggest monthly gain since last July and more than twice what was expected by economists.
The massive beat shows that after months of sidestepping warnings of more monetary policy tightening to come, stock market bulls might be over their skis, and that Federal Reserve Chair Jerome Powell was right to say that more needs to be done to cool down the…
