Private sector jobs decline in late October 

U.S. firms were losing more than 11,000 jobs per week through late October, according to payroll processor ADP.

Despite an ADP report the previous week showing a total gain of 42,000 jobs in October, recent weekly data indicates weakening hiring trends in the second half of the month.

The big picture: ADP’s chief economist, Nela Richardson, noted the labor market struggled to consistently produce jobs in late October. • ADP recently began providing weekly payroll estimates to supplement its monthly jobs reports, offering a more real-time view of labor market trends.

Zoom out: The weakening job market data may support Federal Reserve policymakers’ considerations for further interest rate cuts. • The Fed reduced its benchmark interest rate by 0.25 percentage points at each of its last