ADP's private payroll numbers topped economist expectations for September. The print revealed 143,000 jobs were added in the private sector last month, above the estimated 125,000 jobs. ADP chief economist Nela Richardson joins Wealth! to break down the report.

Richardson observes that despite stronger hiring numbers, the ADP data revealed no increase in wage growth, showing "a moderation in job stayer pay and a deep decline in job changer pay." She explains that this dynamic suggests the hiring growth won't fuel inflation, which is "good news for the Fed," but also indicates the job market is still robust.

"We're as close to a Goldilocks scenario as I think we're going to get in this labor market," she tells Yahoo Finance.

Watch the video above to hear what Richardson says about the relationship between hiring trends and wage growth, and their impact on the health of the labor market.

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Angel Smith