Hiring by U.S. companies increased less than expected in October, the latest sign that the labor market is starting to cool in the face of higher interest rates, according to the ADP National Employment Report released Wednesday morning.
Companies added 113,000 jobs last month, below the 150,000 gain that economists surveyed by Refinitiv predicted but higher than the unrevised 89,000 increase recorded in September.
“No single industry dominated hiring this month, and big post-pandemic pay increases seem to be behind us,” said Nela Richardson, ADP chief economist. “In all, October’s numbers paint a well-rounded jobs picture. And while the labor market has slowed, it’s still enough to support strong consumer spending.”
This is a developing story. Please check back for updates.
Read the full article here
