US Private Hiring Slows Sharply to 18,500 Jobs Per Week as Trump Announces $8B Farm Fuel Relief

U.S. private sector hiring decelerated sharply in the latest ADP National Employment Report Pulse, with employers adding an average of 18,500 jobs per week over the four weeks ending October 3, 2026, down from a revised 26,000 in the prior period and from 24,750 in the most recent prior release. The roughly 28.8 percent drop in weekly hiring marks a notable cooling in labor demand, with weekly job growth having peaked at 25,250 in mid-September before fading into early October. The current reading, while well above August's trough of 9,500 weekly jobs, signals a meaningful loss of momentum that markets interpreted as reducing pressure on the Federal Reserve to maintain elevated interest rates, weighing on the dollar and Treasury yields while supporting rate-sensitive assets. The next ADP Pulse update is scheduled for October 27.

Separately, President Trump announced an $8 billion Agriculture Department program, dubbed the Harvest Fuel Relief program, to help U.S. farmers offset surging diesel and input costs amid global supply disruptions. Based on USDA data counting approximately 1.88 million farms, the program works out to roughly $4,250 per farm on average. The payments are direct and intended to cover losses from both high fuel costs and broader market disruptions. U.S. equity futures were lower ahead of the open as markets also absorbed the weaker labor data alongside ongoing corporate earnings uncertainty.

On the housing side, U.S. building permits for September came in at 1.4 million, above the 1.385 million forecast and slightly ahead of the prior reading of 1.403 million, though the month-over-month change of negative 0.2 percent was better than the negative 1.3 percent expected. Redbook same-store sales growth slowed to 9.0 percent year-over-year from 10.4 percent previously.