U.S. private sector adds just 89,000 jobs in September: ADP
Investing.com -- The U.S. private sector added far smaller-than-forecast 89,000 jobs in September, according to a report by payrolls processor ADP on Wednesday, in what was the slowest pace of growth since January 2021, when private employers shed jobs.
August's figure was revised up to show job gains of 180,000 from the gain of 177,000 that was initially reported. Large establishments drove the slowdown, losing 83,000 jobs and wiping out gains they made in August, the report said. "We are seeing a steepening decline in jobs this month," said Nela Richardson, chief economist at ADP."Additionally, we are seeing a steady decline in wages in the past 12 months.",-- often viewed as a proxy of demand for workers -- unexpectedly rose in August. The strong reading underlined the picture of a fairly resilient labor market and reinforced expectations that the Federal Reserve will stick to its 'higher for longer' stance on interest rates.
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