U.S. private payrolls rise solidly; pending home sales jump

August 31, 2016 4:36 PM

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U.S. private payrolls rise solidly; pending home sales jump

WASHINGTON U.S. private employers maintained a steady pace of hiring in August and contracts to buy previously owned homes surged in July, suggesting the economy was regaining sufficient momentum for the Federal Reserve to raise interest rates this year.

Other data on Wednesday showed a sharp moderation in factory activity in the Midwest this month amid shrinking order books, indicating the manufacturing sector continued to be hobbled by the residual effects of a strong dollar and oil price slump.

Also read: U.S. Consumer Spending Rises at More Moderate Pace, Incomes Jump

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