Upbeat U.S. data points to growth momentum

Posted by MSN Money

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– U.S. private-sector hiring rose in November at the fastest clip in a year, opening the door wider for the Federal Reserve to start trimming its bond purchases within the next few months.

Other data on Wednesday also pointed to a brightening outlook, with the services industry expanding at a decent pace last month and exports hitting a record high in October.

There was also good news on the housing market as new home sales posted their largest increase in nearly 33-1/2 years.

“The economy seems to be building enough momentum that growth should accelerate as we move through the first part of next year,” said Joel Naroff, chief economist at Naroff Economic Advisers in Holland, Pennsylvania.

Private employers added 215,000 new jobs to their payrolls last month, according to payroll processor ADP.

It was the biggest rise in a year and beat economists’ expectations for a gain of 173,000 jobs. At the same time, the figure for October was revised up to 184,000 from 130,000.

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