Services sector hiring rose sharply in September, adding to inflation worries.
The U.S. labor market is still adding jobs at a fast clip, according to a job reported released Wednesday, raising concerns that the Federal Reserve’s fight against inflation will be tougher than expected.
“There are signs that people are returning to the labor market. We’re in an interim period where we’re going to continue to see steady job gains. Employer demand remains robust and the supply of workers is improving–for now,” said Nela Richardson, chief economist at ADP. Wage pressure is still running very high. Workers who have not changed jobs recently saw an annual pay increase of 7.8 percent in September, up from a revised 7.7 percent in August. Workers who change jobs, who have been receiving double-digit pya increases since the summer of 2021, were paid 15.7 percent more than they were a year earlier. That is a decline from the 16.2 percent gain in August, which ADP says is the biggest deceleration in the three year history of its wage data.
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