Surveys showing faster-than-expected jobs growth and a boost for the services sector bolstered confidence that the US economic recovery has shifted to a higher gear.
The strong monthly readings from ADP and the Institute for Supply Management on Wednesday added to a string of encouraging news on the health of the US economy, which has recovered from the recession of 2007-2009 at a sluggish pace but has recently been showing signs of more rapid growth.
The ADP survey signalled that businesses have started to hire new workers more aggressively, a key step towards bringing down the 9.8 per cent unemployment rate.
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