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

[BumRushDaShow]

5. Finally got to CNBC to see their take

Private payrolls rose 89,000 in September, far below expectations, ADP says

Published Wed, Oct 4 2023 8:15 AM EDT Updated 34 Min Ago

Jeff Cox
@jeff.cox.7528
@JeffCoxCNBCcom

Private payroll growth tailed off sharply in September, according to an ADP report Wednesday that provides a counterweight to other signs that the labor market is still running strong.

The payroll processing firm said job growth totaled just 89,000 for the month, down from an upwardly revised 180,000 in August and below the 160,000 estimate from economists polled by Dow Jones.

Perhaps more importantly, the report provides some sign that a historically tight labor market could be loosening and giving the Federal Reserve some incentive to stop raising interest rates. ADP also said annual wage growth slowed to 5.9%, the 12th consecutive monthly decline.

However, the ADP numbers can differ significantly from the government’s official count, which comes Friday. Economists estimate nonfarm payrolls increased by 170,000 in September, down from a 187,000 rise in August, according to Dow Jones.

(snip)

https://www.cnbc.com/2023/10/04/private-payrolls-rose-89000-in-september-much-fewer-than-expected-adp-says.html

Good morning!