US Hiring Slows Sharply; ADP Data Signals Softer Labor Market
ADP data shows US private employers added just 18,500 jobs per week on average in the four weeks to October 3 — a 29% slowdown from the prior period's 26,000 — signaling a meaningful deceleration in labor demand.
What we know
The latest ADP weekly employment data showed a notable deceleration: 18,500 jobs/week on average over the four weeks ending October 3, down from 26,000 the previous period — a 29% drop in the four-week moving average. An account on X flagged the headline print. Morgan Stanley's Mike Wilson also weighed in separately, stating that 'market breadth has been terrible' but believes we may be in the 'final innings' of the correction.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.