U.S. private payrolls increased less than expected in October and wage growth moderated, according to a report on Wednesday.
Private payrolls rose by 113,000 jobs last month after gaining 89,000 in September, the ADP National Employment report showed. Economists polled by Reuters had forecast private payrolls rising 150,000.
Since March 2022, the Fed has raised its policy rate by 525 basis points to the current 5.25%-5.50% range. Workers remaining at their jobs saw a 5.7% increase in annual wages, the smallest rise since October 2021. That was down from an increase of 5.9% in September. Those changing jobs saw their annual pay rising 8.4%, the smallest increase since July 2021. That compared to 8.8% in September.
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