Hiring by U.S. companies roared back to life in April, defying expectations for a sharp slowdown in the labor market as a result of higher interest rates, according to the ADP National Employment Report released Wednesday morning.

Companies added 296,000 jobs last month, easily beating the 148,000 gain that economists surveyed by Refinitiv predicted and the revised 142,000 figure recorded last month.

It marked the highest monthly increase since July 2022.

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Private sector hiring surged in April to the highest level in 10 months, despite expectations that the labor market will slow due to higher interest rates.

Private sector job growth unexpectedly jumps in April to 296,000

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