WASHINGTON: US private payrolls increased less than expected in October and activity in the services industry cooled, providing early signs of a slowdown in economic growth as fiscal stimulus diminishes and new COVID-19 infections surge across the country.
"Animosity and the threat of legal challenges argues against a swift fiscal support package which will be a concern as activity becomes increasingly constrained." The ADP report is jointly developed with Moody's Analytics. Though it has fallen short of the government's private payrolls count since May because of methodology differences, it is still watched for clues on the labour market's health.
A survey from the Institute for Supply Management on Wednesday showed its non-manufacturing activity index fell to a reading of 56.6 in October from 57.8 in September, falling back below its 57.3 level in February. A third report from the Commerce Department showed the trade deficit fell 4.7 per cent to US$63.9 billion in September as food exports jumped to the highest level since July 2012, boosted by shipments of soybeans. Economists had forecast the trade shortfall narrowing to US$63.8 billion in September.
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