Wages are growing, but not as quickly as they were at this time last year, according to the latest numbers from the Bureau of Labor Statistics. It’s hard to get a raise when people aren’t changing jobs.
In October, small- and mid-sized businesses actually shrank their headcounts, according to payroll processor ADP. That downsizing, said one business owner in Virginia, was due to the “devastating” tariffs.
ADP’s monthly report shows private firms added jobs in October, for the first time since July. Meanwhile, Indeed data shows job openings slumped at the end of October.