Hiring by private U.S. companies rose less than forecast in October, evidence that the labor market may be softening in the face of higher interest rates.
Hiring by U.S. companies increased less than expected in October, the latest sign that the labor market is starting to cool in the face of higher interest rates, according to the ADP National Employment Report released Wednesday morning. Companies added 113,000 jobs last month, below the 150,000 gain that economists surveyed by Refinitiv predicted but higher than the unrevised 89,000 increase recorded in September.
Fed officials, including Chair Jerome Powell, have opened the door to at least one more hike this year – and have signaled that rates will remain elevated for longer as they assess whether high inflation has retreated for good. In a potentially welcoming sign for the Fed as it tries to wrangle inflation under control, wages continued to moderate in October. Annual pay rose 5.7% last month, the 13th straight month of slowing growth, according to the report.
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