Payroll

Annual pay rose 5.6% year-over-year, payroll giant ADP reported, seeing signs of a hiring slowdown for next year.

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The pace of hourly earnings growth and hiring slowed down at small businesses, payroll processor Paychex reported.

The unemployment rate ticked up one-tenth of a point to 3.9% as hiring slowed.

Annual pay increased 5.7% year over year in another sign of continuing strength in the economy despite interest hikes and inflation.

Growth in hourly and weekly pay at small businesses decelerated in October as job growth moderated, payroll provider Paychex reported.

The researcher sourced data from IRS tax forms to track wages for men between the ages of 25 to 55.

With the number of freshly minted accounting graduates dwindling and the consumer price index still rising, the law of supply and demand is driving up salaries.

Annual pay grew 5.9% year over year, as both job growth and wage growth slackened in September.