Private company hiring bounced back with a 104,000 increase in July, ADP says

What impact could this have on monetary policy expectations and the US Dollar? Will the revision change analyst consensus estimates for the upcoming ADP earnings report? What potential follow‑through should traders expect if the hiring momentum continues in August? How might this hiring surge influence sector rotations, particularly between cyclical and defensive stocks? Does the magnitude of the bounce raise concerns about data volatility for future economic forecasts? Are there any implications for short‑term interest rates or the Treasury curve? Will the $104,000 increase in private payrolls trigger a sector-wide rally in employment‑linked stocks? How will the unexpected hiring rebound affect ADP's earnings outlook? How does the July bounce compare to historical trends for ADP and its peers? What does this data suggest about the health of the broader U.S. labor market?