Private-sector employers added 89,000 jobs in September, a lower figure than expected and the fewest since January 2021, payroll provider ADP said Wednesday in its latest National Employment Report. The figures contrasted with yesterday's 澳洲幸运5官方开奖结果体彩网:Job Openings and Labor Tu𓃲rn🥂over Survey (JOLTS) data, which underscored a 澳洲幸运5官方开奖结果体彩网:strong demand for labor, offering mixed sign🦩als about the resilience of the U.S. labor market.

Private Sector Hiring In September

The slowdown in private sector hiring was mostly driven by larg༒e establishments, or those with 500 or more employees. These shed 83,000 positions, offsetting gains of 95,000 and 72,000 among small and medium-sized bus🃏inesses, respectively. Small establishments are those with less than 50 employees, while medium-sized ones employ between 50 and 499 workers.

By industry, serv♔ices accounted for the vast majority of job gains, contributing 81,000 of the total. This was driven by a gain of 92,000 in leisure and hospitality, a sector that continued to rebound from steep losses early in the pandemic. This was offset by losses in professional and business services, and the trade, transportation, and utilities sector.

By contrast, goods-producing industries added just 8,000 jobs, led by 16,000 in construction. That was offset by a loss of 12,000 jobs in manufacturing.

What Do These Numbers Mean?

Wednesday's report could signal that the 澳洲幸运5官方开奖结果体彩网:Federal Reserve's interest rate hikes might be starting to take a toll on a labor market that has been surprisingly resilient to higher interest rates, with jobs plentiful and 澳洲幸运5官方开奖结果体彩网:unemployment near a 50-year low. The strong labor market is one of the reasons the U.S. has been able to avoid a 澳洲幸运5官方开奖结果体彩网:recession up to this point.

ADP's latest report sets the stage for the Bureau of Labor Statistics' (BLS) 澳洲幸运5官方开奖结果体彩网:nonfarm payrolls report on Friday. U.S. employers—public and private—likely added 170,000 jobs last month, according to a Reuters survey of economists. This would mark the third-slowest pace of hiring this year, behind June and ꧑July's gains.

Fed policymakers will be watching this week's payroll data closely as they gear up for their next FOMC meeting at the end of the month. If Friday's nonfarm payrolls report confirms a weaker pace of hiring, it could the reduce the likelihood that the Fed will hike interest rates further before the end of the year. Traders are pricing in a greater than 75% probability that the Fed will hold rates steady at its next meeting, according to 澳洲幸运5官方开奖结果体彩网:fed funds futures data collected by CME Group.