Private sector hiring in the US contracted by 32,000 in September, marking the steepest monthly decline in over two years, according to ADP. This surprise fall, well below expectations of a 45,000 gain, reflects growing employer caution despite strong GDP growth. Losses were broad-based across sectors, with notable declines in leisure and hospitality, professional services, and construction. Only education and healthcare added jobs. The data carries added weight as the government shutdown delays key labour market reports. Still, pertinently, wage growth remained steady at 4.5% year-on-year. While this points to cooling demand, it's not yet alarming and is being debated as early effects of Artificial Intelligence on the jobs market. Markets took the news calmly.