US private payrolls growth slows sharply in September, ADP report shows

[admin]

U.S. private payrolls increased far less than expected in September, but that likely exaggerates the pace of slowdown in the labor market. Private payrolls rose by 89,000 jobs last month, the ADP National Employment Report showed on Wednesday. The labor market is gradually easing as it adjusts to 525 basis points worth of interest rate increases from the Federal Reserve since March 2022.