ADP employment +247K vs +395K expected

  • Employment data from ADP
ADP employment d
  • Prior was +455K (revised to +479K)
  • Small -120K vs +90K prior
  • Midsized +46K vs +188K prior
  • Large +321K vs +177K prior
  • Goods +46K vs +79K prior
  • Services +202K vs +377K prior

By a narrow margin, this is the worst reading since the early days of the pandemic. The fall in small business employment is a bit of a concern but I don't think the Fed will be bothered by this report. Jobs are plentiful and unemployment is at generational lows.

Best in 2026

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