WASHINGTON (10/3/13)--U.S. businesses added 166,000 jobs in September--less than forecast and an indication of just modest improvement in hiring, according to payroll company ADP (The New York Times and Bloomberg.com Oct. 2).
Last month's gain follows a 159,000-jobs increase in August and a 161,000 advance in July--both of which are a bit lower than previous estimates, the Times said.
Quicker wage growth and progress in hiring is necessary to maintain advances in consumer spending--the largest part of the U.S. economy, Bloomberg said.
Although the labor market should not be construed as weak, it is not as robust as analysts would prefer it to be, Scott Brown, chief economist for Raymond James & Associates in St. Petersburg, Fla., told Bloomberg.
A lack of traction indicates there has been a slight slowing of the economy, he added.