U.S. Job Growth Slows Sharply in September, Adding Just 89,000 Jobs

Hiring by U.S. companies slowed more than expected in September, adding just 89,000 jobs according to ADP report. This marks the slowest pace since January 2021.

The leisure and hospitality industry drove the bulk of the job gains last month, adding 92,000 new employees.

Wages continued to moderate in September with annual pay rising 5.9%, the 12th straight month of slowing growth.

Small businesses led hiring last month, adding 95,000 new workers. Medium businesses added 72,000 jobs.

The ADP numbers precede Friday's more closely watched jobs report from the Labor Department, which is expected to show a gain of 17,000 jobs in September.