ADP reports 32,000 private jobs lost in November

Wednesday, December 03, 2025 at 14:15 UTC+01:00 (+0100), United States, N/A

News category : Macroeconomic Events

ADP's national employment report, released Dec 3, showed private payrolls fell by about 32,000 in November, the biggest monthly decline since early 2023. The weakness was concentrated among small firms, while larger companies added payrolls. ADP noted slower hiring across manufacturing, professional services and information sectors, and a small slowdown in wage growth. Market participants treated the print as a strong signal of cooling labor demand ahead of the delayed government employment release, prompting reassessment of near-term Fed policy. Traders moved to price a higher probability of an earlier rate cut, lifting risk assets in some segments while pressuring bank and rate-sensitive names. Economists cautioned ADP can diverge from official BLS numbers, but the report nonetheless materially shifted short-term market expectations.

Overall market impact

Strong bearish market impact - strength score : 84/100

Detailed breakdown of market impact over instruments, sectors, and asset classes

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Impacted instruments :

US equities (cyclicals)

Short-dated US Treasuries

Interest-rate futures

USD FX pairs

Corporate credit spreads

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