Hiring by U.S. companies slowed more than expected than expected in January, a possible sign the labor market is finally slowing in the face of higher interest rates, according to the ADP National Employment Report released Wednesday morning.

Companies added 107,000 jobs last month, missing the 145,000 gain that economists surveyed by Refinitiv predicted.

The weaker-than-expected report comes in the wake of an aggressive tightening campaign by the Federal Reserve, which has hiked interest rates to the highest level since 2001. Policymakers signaled last month that they are done raising rates amid signs that inflation is finally moderating and the economy is slowing. 

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