Hiring by U.S. companies slowed more than expected in September, pointing to a labor market that is starting to cool in the face of higher interest rates, according to the ADP National Employment Report released Wednesday morning.

Companies added 89,000 jobs last month, below the 153,000 gain that economists surveyed by Refinitiv predicted. That is also much lower than the revised 180,000 increase recorded in August.

It marked the slowest pace of job growth since January 2021.

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