US EditionPrivate payrolls unexpectedly drop by 32,000 in November, ADP says
Small businesses with fewer than 50 employees cut 120,000 jobs while larger firms added 90,000, reflecting a broad labor market slowdown, ADP reported.
- On Dec. 3, 2025, ADP Research reported U.S. private-sector employers shed 32,000 jobs in November, with the report produced alongside the Stanford Digital Economy Lab.
- By firm size, ADP found small businesses shed 120,000 jobs, offsetting a 90,000 gain at larger firms .
- By sector, ADP recorded losses of 26,000 in professional and business services, 20,000 in information services, and 18,000 in manufacturing, while pay growth slowed to 4.4% for job‑stayers and 6.3% for job‑changers.
- Economists said the ADP miss raises odds the Federal Reserve will cut rates at the Dec. 9-10 meeting, and markets moved with S&P 500 futures holding gains and Treasury yields falling.
- With government data delayed until Dec. 16, ADP's report arrived as one of the few current measures, showing payrolls have now fallen four times in six months with November's largest drop since March 2023.
104 Articles
104 Articles
Donald Trump’s affordability blues
So President Donald Trump may have dozed off during his cabinet meeting on Tuesday. Who could blame him? Listening to Secretary of State Marco Rubio drone on about Russia would prompt souls less hardy than Trump to catch some shuteye. What should be keeping Trump awake, or at least uneasy, is the shaky state of the American economy. The federal government may not be releasing much data about the economy, but the payroll processing company ADP i…
U.S. Private Sector Sheds 32,000 Jobs in Unexpected Decline: ADP Data.
PULSE POINTSWHAT HAPPENED: Private sector employers in the U.S. cut 32,000 jobs in November, according to payroll firm ADP.WHO WAS INVOLVED: ADP, small businesses, and economists analyzing the labor market.WHEN & WHERE: November 2025, across the United States.KEY QUOTE: “Hiring has been choppy of late as employers weather cautious consumers and an uncertain macroeconomic environment,” said Nela Richardson, ADP chief economist.IMPACT: The report …
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