Inflation is 'always going to be a risk' in the U.S. due to structural changes in the labor market, according to Nela Richardson, chief economist at payroll processing firm ADP.
ADP's monthly report on Wednesday showed that private payrolls rose by just 89,000 in September, well below a Dow Jones consensus estimate of 160,000 and down from an upwardly revised 180,000 in August.
Prior to that, interest rates had remained low for a decade as central banks around the world looked to stimulate their respective economies in the wake of the global financial crisis. Richardson added that the "training wheels have come off" the U.S. economy and that both businesses and consumers are now having to "ride a regular bike."
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