WS #16848
The ADP employment report showed 86,000 private sector jobs added in October, exceeding the 67,000 forecast but falling short of the revised September figure of 90,000. Service jobs drove the gains, while professional services lost positions. The data suggests the labor market is cooling but remains positive, reducing the urgency for aggressive Fed rate cuts while supporting the 'soft landing' narrative.
US Labor Market Deceleration
The ADP employment report showed 86,000 private sector jobs added in October, exceeding the 67,000 forecast but falling short of the revised September figure of 90,000. Service jobs drove the gains, while professional services lost positions. The data suggests the labor market is cooling but remains positive, reducing the urgency for aggressive Fed rate cuts while supporting the 'soft landing' narrative.