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U.S. Firms Added Only 89,000 Jobs in September

According to ADP, the labor market last month added the fewest jobs since early 2021.

By Augusta Saraiva | October 04, 2023 at 10:09 AM
Photo: Office workers walk near the Goldman Sachs Group Inc. headquarters in New York on July 22, 2021. Photographer: Michael Nagle/Bloomberg Office workers walk near the Goldman Sachs Group Inc. headquarters in New York on July 22, 2021. Photographer: Michael Nagle/Bloomberg.

In September, U.S. companies added the lowest number of jobs since the start of 2021, and pay growth slowed, pointing to a weakening in labor demand in several industries. Private payrolls rose 89,000 last month after climbing 180,000 in August, according to figures published Wednesday by the ADP Research Institute in collaboration with Stanford Digital Economy Lab.

The figure trailed all estimates in a Bloomberg survey of economists. Leisure and hospitality drove the September gain, offsetting job losses at professional and business services, manufacturing and trade, and transportation.

The report adds to evidence of a further moderation in the labor market, which has been instrumental in fueling consumer spending and, therefore, the economy. Some employers are scaling back hiring amid lingering inflation and higher borrowing costs.

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