Private-sector employment increased at a slower rate than predicted.
According to data released on Wednesday by Automatic Data Processing (ADP), private sector employment in the United States increased by 113,000 in October. This number came in below the market expectation of 150,000 and after a rise of 89,000 in September.
“No single industry dominated hiring this month, and big post-pandemic pay increases seem to be behind us,” said Nela Richardson, chief economist at ADP, adding, “In total, October’s numbers paint a well-rounded jobs picture.” And, while the labor market has slowed, it is still strong enough to maintain the economy.
According to the report’s findings, annual compensation increased 5.7% year on year in October.
The market’s reaction on private sector employment report.
The US Dollar had no obvious reaction to these numbers, with the US Dollar Index closing the day up 0.15% at 106.86.
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