ADP says 113,000 private-sector jobs created in October. U.S. labor market softening?

The numbers: Businesses in the U.S. created just 113,000 new jobs in October, payroll processor ADP said, in a potential sign of a slackening labor market.

Economists polled by the Wall Street Journal had forecast a 130,000 increase.

The ADP payroll estimate can offer clues on the strength of the labor market, but it’s not an accurate predictor…