ADP: Private Jobs Fell 32,000; BLS Delayed

ADP reported U.S. private‑sector payrolls fell 32,000 in September, the largest monthly decline since March 2023 and a surprise to economists who had expected about +45,000. ADP revised August from +54,000 to -3,000 and said its annual benchmarking against BLS data affected the results — without a recent BLS revision the September headline would have been +11,000. A federal government shutdown has delayed the Bureau of Labor Statistics’ official jobs report, leaving ADP as the primary nationwide snapshot for the moment. Job losses were concentrated at small and medium firms while large firms added about +33,000; by industry leisure & hospitality fell ~19,000, professional & business services ~13,000, trade/transportation/utilities ~7,000, and education & health services gained ~33,000. Year‑over‑year pay growth was roughly 4.5% for job‑stayers and 6.6% for job‑changers (down from 7.1% in August), and analysts say the ADP read signals cooling labor momentum that could reinforce expectations of further Federal Reserve easing amid policy uncertainty.