Private sector job creation surged in June, with companies adding a much larger than expected 281,000 new positions, according to a report Wednesday from ADP. Economists surveyed by Reuters expected the National Employment Report to show 200,000 new jobs as the U.S. economy seeks to regain traction following a brutal winter. That's up from an initially reported 179,000. As has been the trend, the service sector and small businesses led the way. Service-providing companies added 230,000 new positions, while goods producers contributed 51,000. Professional and business services was the top industry, with 77,000 jobs, while trade/transportation and utilities added 50,000 and there were 36,000 new construction positions. The news comes a day ahead of Thursday's nonfarm payrolls report, which is expected to show 215,000 new positions overall counting government jobs. ADP's numbers, which are reported in tandem with Moody's Analytics, could cause economists to ramp up their projections.
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- CNBC.com and Reuters