Private employers unexpectedly cut 32,000 jobs in September, marking the steepest decline since March 2023 and signaling renewed weakness in the U.S. labor market.
The figures, released on Oct. 1 in ADP’s National Employment Report, also showed a downward revision to August payrolls—from an initially reported gain of 54,000 to a loss of 3,000.
Economists had penciled in a September gain of 50,000.
“Despite the strong economic growth we saw in the second quarter, this month’s release further validates what we’ve been seeing in the labor market, that U.S. employers have been cautious with hiring,” Nela Richardson, chief economist at ADP, said in a news release….
US Private Payrolls Unexpectedly Decline in September: ADP
