U.S. companies hired at a solid clip in September, suggesting demand for workers remains healthy despite rising economic uncertainty, Bloomberg News reported. Businesses’ payrolls rose 208,000 last month after an upwardly revised 185,000 gain in August, according to data from ADP Research Institute in collaboration with Stanford Digital Economy Lab. While there are some signs of moderation in labor demand, the ADP data reinforce what’s still a strong jobs market, complicating efforts by the Federal Reserve to cool decades-high inflation without triggering a jump in unemployment. Applications for unemployment insurance remain historically low, and while job openings are coming down, they’re still extremely elevated. Nearly three-fourths of the increase in private payrolls last month was driven by a surge in employment in trade, transportation and utilities. Employment in manufacturing and mining declined. Payrolls in financial activities also fell, to the lowest level since December 2020.
