Job Growth Slows in October as Labor Market Cools

Private sector job growth increased less than expected in October according to ADP report, adding 113,000 jobs versus 150,000 forecast.

Hiring moderation signals cooling labor market amid higher interest rates and Fed tightening.

Wage growth continued to moderate, with annual pay up 5.7% in October.

Job gains were broad-based across industries like education, health services, hospitality and financial activities.

ADP data precedes Friday's official jobs report from Labor Department, expected to show 180,000 jobs added in October.