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Payroll processor ADP released a report on Wednesday showing U.S. private sector employment increased by slightly more than anticipated in the month of October.
ADP said private sector employment climbed by 125,000 jobs in October compared to economist estimates for an increase of about 120,000 jobs.
However, the report also showed private sector job growth in September was downwardly revised to 93,000 from the previously reported addition of 135,000 jobs.
"Job growth has throttled way back over the past year. The job slowdown is most pronounced at manufacturers and small companies," said Mark Zandi, chief economist of Moody's Analytics. "If hiring weakens any further, unemployment will begin to rise."
