September was the labor market's softest month for growth since April, as the recovery's peak days of job creation move further into the rear view, according to the latest ADP National Employment Report published Wednesday.

The U.S. economy tacked on only 154,000 new positions in September – down slightly from August's 175,000 additions. The drop-off isn't necessarily being treated as a red flag for the recovery, but it's clear the pace of job creation is easing as the economy approaches full employment.

"Job gains in September eased a bit when compared to the past 12-month average," Ahu Yildirmaz, vice president and head of the ADP Research Institute, said in a statement accompanying the report. "We also observed softening this month in trade/transportation/utilities, possibly due to a continued tightening U.S. labor market and lackluster consumer spending."

Indeed, that trade sector of the economy only generated 15,000 new positions last month – down notably from the 26,000 jobs produced in August. Professional and business services employers, meanwhile, created 45,000 jobs, while financial activities accounted for 11,000 gains. Both were down from the 53,000 and 15,000 positions, respectively, that had been created the month prior.

And manufacturing payrolls saw another month of contraction as such outfits shed 6,000 positions. Construction payrolls helped cushion the goods-producing sector by adding 11,000 new jobs.

"Still, the ADP estimate, while supportive of our payroll estimate for some slight slowing from earlier in the year, is far from a strong signal," a team of researchers at UBS Securities wrote in a research note Wednesday. "Over the past year, the average difference between the ADP and [Bureau of Labor Statistics] estimates, without regard to sign, has been 52,000."

The government's official employment metrics will be released Friday and draw from a different pool of data than the ADP reports, but the two are not typically very far off from one another. Economists generally believe additions of at least 100,000 each month are more healthy and sustainable over the long run as the labor market approaches its maximum level of employment. But the expected slower pace of growth will undoubtedly make headlines nonetheless.

"The current record of consecutive monthly job gains continued in September. With job openings at all-time highs and layoffs near all-time lows, the job market remains in full-swing," Mark Zandi, chief economist at Moody's Analytics, said in a statement accompanying the report.

The ADP data showed small businesses with fewer than 50 employees added 34,000 new jobs last month – half of the 68,000 additions seen in August. Companies with at least 500 employees, meanwhile, tacked on 64,000 positions, down slightly from the 67,000 seen in the month before.

"There are two more employment reports to be released before the December 14 [Federal Open Market Committee] meeting, where the base case is for a Fed interest rate hike," Sam Bullard, managing director and senior economist at Wells Fargo Securities, wrote in a research note earlier this week. "While the September employment report may not necessarily measure up to degree of improvements seen in prior reports, collectively, hiring at/around 150,000-plus, an unemployment rate under 5 percent and earnings growth showing signs of picking up would be considered by most Fed officials as strong enough to justify a fed funds rate increase in December."

Indeed, the Fed will meet in November and December to discuss monetary policy action, but few analysts expect the central bank to move in November, given the meeting's close proximity to the presidential election. An official government job growth number around 150,000 would likely be viewed as sluggish when compared to the breakneck job gains seen through much of last year. But a more measured pace over the long run will likely give the Fed confidence the economy is still moving in the right direction.