Jobs report: fewer jobs, better pay?

No federal jobs data this month due to the shutdown, so ADP’s data will have to do:

Private sector employment shed 32,000 jobs in September and pay was up 4.5 percent year-over-year

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“Despite the strong economic growth we saw in the second quarter, this month’s release further validates what we’ve been seeing in the labor market, that U.S. employers have been cautious with hiring,” said Dr. Nela Richardson, chief economist, ADP.