Overview
- Small firms with fewer than 50 employees shed about 120,000 jobs, the steepest monthly drop since early 2023, while companies with 50 or more workers added roughly 90,000.
- Industry losses were widespread, led by professional and business services, information, manufacturing, construction and financial activities, as education and health services posted gains.
- Pay growth cooled, with wages up 4.4% year over year for job-stayers and 6.3% for job-changers, both down from October.
- The official BLS employment report is postponed to Dec. 16 after the shutdown, leaving ADP's report as the most current snapshot before the Dec. 9–10 Fed meeting.
- Futures markets leaned toward a quarter-point rate cut next week, though economists note ADP can diverge from BLS figures and initial unemployment claims remain relatively steady.