"December Sees Surprising Surge in Private Sector Employment, ADP Reports"

The ADP National Employment Report indicated that U.S. private sector job growth in December exceeded expectations, with 164,000 jobs added compared to the 115,000 forecasted by economists. This growth occurred despite the Federal Reserve's interest rate hikes, with signs of inflation moderation and economic slowdown. Wage growth is also on a decline, reducing concerns of a wage-price spiral. The leisure and hospitality sector led the gains, while there were losses in manufacturing, natural resources, mining, and information. This precedes the Labor Department's jobs report, which is also expected to show employment growth.