Private sector companies added higher-than-expected jobs in June

Stronger-than-expected jobs data after private payrolls surged last month (ADP report) roiled Wall Street stocks and pushed up Treasury yields indicating that the Federal Reserve would resume raising interest rates this month.

The Fed paused rate hikes in June.

The unexpected jump in the private sector that added 497,000 jobs comes despite the interest rate increases by Fed Chair Jerome Powell.

The government’s employment report for June will be out today.