The U.S. private sector only added approximately 89,000 jobs in September, revealed payroll processing company ADP on Wednesday.
Analysts previously predicted that the private sector would add 153,000 jobs last month.
“We are seeing a steepening decline in jobs this month,” said ADP Chief Economist Nela Richardson. “Additionally, we are seeing a steady decline in wages in the past 12 months.”
Meanwhile, the ADP reported that yearly wage increases only grew by 5.9%, the lowest level seen since October 2021.
