ADP Reports Disappointing September Job Growth, Falls Short of Expectations

Private payrolls in the US rose by only 89,000 in September, significantly below expectations and indicating a potential loosening of the historically tight labor market. The ADP report also revealed a decline in annual wage growth for the 12th consecutive month. The numbers differ from the government's official count, which will be released on Friday. Job gains were primarily seen in the services sector, with leisure and hospitality contributing the most. Other sectors, such as financial activities, construction, and education and health services, also posted gains, but these were offset by losses in professional and business services, trade, transportation, and utilities, and manufacturing.