U.S. private sector employment fell short of expectations in October
Although private sector employment growth in the US showed a moderate increase in October, it remained below expectations.
ADP private sector employment in the US increased by 113 thousand people in October. The expectation was an increase of 150 thousand.
While 107,000 of the 113,000 job increases occurred in the services sector, 6,000 in the manufacturing sector.
Employment in the private sector increased by 89 thousand people in the previous month. The data was recorded as the lowest employment increase in 32 months.
ADP data showed that the wage increase increased by 5.7 percent compared to a year ago, and this increase was the lowest annual increase since October 2021.
While the data points to weak prospects in the tight labor market, all eyes are on the monetary policy decisions to be announced today by the United States Federal Reserve (Fed) and the statements by Fed Chairman Jerome Powell .
On the other hand, it is considered certain that the Fed will keep the policy rate constant.
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
