October's Private Sector Job Growth Falls Short of Expectations: ADP Report

Private sector job growth in the US increased less than expected in October, with companies adding 113,000 jobs, below economists' predictions. The weaker-than-expected report suggests that the labor market is cooling due to higher interest rates. Wages continued to moderate, rising 5.7% annually, the 13th consecutive month of slowing growth. The education and health services industry drove the biggest job gains, while losses were seen in natural resources and mining, and the professional and business services sector. The data from ADP precedes the release of the more closely watched October jobs report from the Labor Department on Friday.