By Joshua KirbyHiring among U.S. private-sector employees cooled much more than expected in September as the labor market continued to loosen, though wage growth stayed steady. "We are seeing a steepening decline in jobs this month," said Nela Richardson, chief economist at the ADP. Annual wage growth meanwhile stood at 5.9% in September, the same level as in August and marking a straight year of no acceleration in wage growth, according to the ADP survey. Large employers shed jobs in September, driving the slowdown in overall growth and wiping out gains made the previous month. By region, the West and especially the Pacific area added most jobs, while the South was the only region to shed jobs overall.

Source: Wall Street Journal October 04, 2023 13:01 UTC