"US Private Sector Payrolls Fall Short of Expectations for Third Consecutive Month"

Private sector payrolls in the US increased by 113,000 in October, according to ADP, falling short of expectations and suggesting a potential darkening of the employment picture. While the figure was higher than September's revised 89,000, it was below the consensus estimate of 130,000. Wages were up 5.7% from a year ago, the smallest annual gain since October 2021. The education and health services sector led with 45,000 new jobs, followed by trade, transportation, and utilities (35,000), financial activities (21,000), and leisure and hospitality (17,000). The release comes ahead of the Labor Department's nonfarm payrolls report, which is expected to show an increase of 170,000.