US private payrolls record slowest growth since January 2021

By Ovunc Kutlu

ISTANBUL (AA) – US private payrolls rose by 89,000 in September, much less than market estimates, according to a report released Wednesday by a research institute.

The market expectation for the figure was to show an increase of 153,000 jobs.

The figure for August, on the other hand, was revised up from a gain of 177,000 to 180,000.

"September showed the slowest pace of growth since January 2021, when private employers shed jobs. Large establishments drove the slowdown, losing 83,000 jobs and wiping out gains they made in August," the ADP Research Institute in collaboration with Stanford Digital Economy Lab said in a report.

Nela Richardson, the ADP chief economist, said there is "a steepening decline" in jobs, adding: "We are seeing a steady decline in wages in the past 12 months."

Among businesses, small and mid-sized enterprises added 95,000 and 72,000 jobs, respectively, while large businesses experienced a loss of approximately 83,000.

Leisure and hospitality posted the highest gain, adding 92,000 jobs, followed by financial services with an increase of 17,000.