Wage Growth and Job Turnover Slow in Signs of Cooling Labor Market

Wage growth for job switchers slowed to 9% in September, down from 16% at peak in 2021.

Difference in wage growth between job switchers and stayers is narrowest since October 2020.

ADP reported 89,000 private payroll jobs added in September, below expectations.

Job openings unexpectedly rose in August but hiring rate unchanged and quit rate fell.

cooling wage growth and labor turnover could ease inflation pressures.