US ADP National Employment (Nov) -32.0k vs. Exp. 10.0k (Prev. 42.0k, Rev. 47k)
- “Hiring has been choppy of late as employers weather cautious consumers and an uncertain macroeconomic environment. And while November's slowdown was broad-based, it was led by a pullback among small businesses.”
Median Change in Annual Pay
- Job Stayers 4.4% (prev. 4.5%)
- Job Changers 6.3% (prev. 6.7%)
Reaction details (13:22)
- Modest upside seen in US equity futures on the release, alongside gains of a handful of ticks in USTs. Pricing for the December Fed moved in a marginal dovish fashion, 86% implied probability of a 25bps cut vs 84% pre-release.
Analysis details (13:18)
- Note, the ADP website's graphic is running the November figure at -31k vs the -32k in the report document itself.
- As a reminder, we do not get the November BLS report until the 16th of December, after the 10th of December Fed announcement.
03 Dec 2025 - 13:15- Fixed IncomeImportant- Source: Reuters
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