ADP’s most recent monthly report showed private payrolls rose by 42,000 in October, reflecting modest job growth through the reference week that includes the 12th – the standard period used to align with government reporting. But ADP’s new weekly report, which tracks pay data in near real time, shows U.S. companies cut an average of 11,250 jobs per week in the four weeks ending October 25.
What’s the bottom line? The weekly figures suggest the labor market slowed in late October after a relatively stronger start to the month. With official government data still catching up, ADP’s readings offer an important glimpse into labor market momentum heading into year-end.