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Private sector job growth rebounds in July

The private sector added 156,000 jobs in July, more than the 150,000 economists expected and an improvement from the June figures which were revised slightly higher, according to a closely watched report by ADP and Moody's Analytics.

Why it matters: The ADP report is seen as an indicator of what could come from the government's official jobs release on Friday. Mark Zandi, chief economist at Moody's Analytics noted in a call with reporters that job growth in the private sector remains healthy, but is "throttling back" from the outsized job gains we've seen in previous months — particularly among small businesses.