Overview
- ADP reported a 42,000 rise in private payrolls for October, reversing September’s decline but underscoring a slower hiring trend than a year ago.
- ISM’s services PMI rose to 52.4, the highest in eight months, while its services employment index stayed in contraction at 48.2.
- Challenger, Gray & Christmas said employers announced more than 150,000 layoffs in October, the biggest for that month in over two decades.
- With BLS releases suspended by the record shutdown, markets now price roughly a 60%–67% chance of a December Fed rate cut as the 10‑year Treasury yield hovers near 4.15% and equities steady in the U.S. and Asia.
- U.S. Supreme Court justices expressed skepticism about the legality of President Trump’s broad tariffs, injecting additional uncertainty for trade‑exposed sectors.