US private payrolls grow at less-than-expected pace in September

04/10/2023 Argaam

US private payrolls grow at less-than-expected pace in September

The US private sector added far smaller-than-forecast jobs in September, giving the Federal Reserve some incentive to stop raising interest rates.

 

According to a report by payrolls processor ADP today, Oct. 4, the US economy added 89,000 jobs in September, against expectations for the addition of 160,000 jobs, after climbing by an upwardly revised 180,000 jobs in August.

 

Most of the increase in jobs came from the services sector, which contributed 81,000 jobs to the total.

 

ADP also said annual wage growth slowed to 5.9%.

 

“We are seeing a steepening decline in jobs this month,” said Nela Richardson, chief economist at ADP, pointing to “a steady” slump in wages in the past 12 months.

 

This report came ahead of the release of US non-farm payrolls data on Oct. 6, which is expected to indicate the addition of 170,000 jobs in September, down from a 187,000 rise in August.

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