US Job Growth Slows in September as Labor Market Cools
-
Private payrolls rose 89,000 in September, the smallest gain since January 2021 and below expectations.
-
Large corporations shed 83,000 jobs, while small businesses added 95,000 and medium-sized firms added 72,000.
-
Manufacturing, trade, transportation, utilities, and professional/business services lost jobs. Construction, financial activities, and education/health gained.
-
Wage growth for job changers slowed to 9% year-over-year in September from 9.7% in August.
-
The labor market is cooling as it adjusts to significant Fed interest rate hikes. Job openings remain high relative to unemployed.
-
The ADP report has not been a reliable predictor of the government's monthly jobs report, but shows moderating job growth.
/cloudfront-us-east-2.images.arcpublishing.com/reuters/SU2LMAJ5CJPV5FQ3HXOF32PT6M.jpg)