Developing story. Check back for updates. The numbers: U.S. private-sector employment rose by a tepid 89,000 in September, payroll processor ADP said, perhaps a sign the labor market is catching a chill in the early fall. Economists polled by the Wall Street Journal had forecast a gain of 150,000.
The ADP payroll estimate can offer clues on the strength of the labor market, but it’s not an accurate predictor of the government’s official employment report that follows a few days later. The two reports often vary widely month to month even if they move in the same direction over time. The government on Friday is expected to report that 170,000 new jobs were created in September, including new hires in government. ADP’s report excludes government employment. Before, the report, the Dow Jones Industrial Average
and S&P 500
were set to open slightly higher in Wednesday trades.