• Prior was +22K (revised to +11K)
• Goods +xxK versus +1K last month
• Service +xxK versus +21K last month
• Small business xxK vs 0K prior
• Medium businesses +xxK vs +41K last month
• Large businesses +xxK vs -18K last month
• Wages for job stayers xx% vs 4.5% last month
• Wages for job changers xx% vs 6.4% last month

This shouldn’t be surprising given that the weekly ADP data has been pointing to a good report. The labour market has been improving steadily since the start of the year.

For background, the ADP National Employment Report is an independent monthly measure of private-sector employment in the United States, produced by ADP Research in collaboration with the Stanford Digital Economy Lab. Based on anonymized payroll data from more than 26 million employees across over half a million companies, the report provides a high-frequency view of labor market trends and is typically released on the first Wednesday of each month, two days before the official Bureau of Labor Statistics jobs report.

The report tracks changes in private-sector employment by industry, company size, and geographic region, alongside insights into wage growth for both job-stayers and job-changers. In October 2025, private employers added 42,000 jobs following a revised 29,000 job loss in September, with growth concentrated among large establishments. However, November marked a sharp reversal, as private businesses cut 32,000 jobs, the biggest decline since March 2023, led by substantial losses among small establishments. December brought a modest recovery, with private employers adding 41,000 jobs, driven primarily by education, health services, and leisure/hospitality sectors. Throughout this period, annual pay growth for job-stayers held steady around 4.4-4.5%, reflecting a moderating wage environment.