Private employers hired at a slower-than-expected pace in October, indicating the labor market's recovery from the coronavirus crisis is cooling, according to the ADP National Employment Report released Wednesday.

The report showed that companies created 365,000 new jobs last month, sharply missing the 650,000-job increase that economists surveyed by Refinitiv had expected.

While the data is typically a good indicator of what to expect in the more closely watched jobs report from the Labor Department, the ADP figure has regularly missed the government's count since the pandemic began in mid-March. (In June, for instance, ADP initially said private employers added 2.37 million jobs -- well below the 4.8 million reported by the U.S. government. It also said the economy lost 2.7 million jobs in May, while the Labor Department reported a gain of 2.5 million). Read more at FOX Business