November private payrolls unexpectedly fell by 32,000, led by steep small business job cuts, ADP reports
Source: CNBC
Published Wed, Dec 3 2025 8:15 AM EST
The U.S. labor market slowdown intensified in November as private companies cut 32,000 workers, with small businesses hit the hardest, payrolls processing firm ADP reported Wednesday.
With worries intensifying over the domestic jobs picture, ADP indicated the issues were worse than anticipated. The payrolls decline marked a sharp step down from October, which saw an upwardly revised gain of 47,000 positions, and was well below the Dow Jones consensus estimate from economists for an increase of 40,000.
Larger businesses, entailing companies with 50 or more employees, actually reported a net gain of 90,000 workers.
However, establishments with fewer than 50 workers saw a decline of 120,000, including a drop of 74,000 among firms with 20 to 49 employees. The total loss was the biggest drop since March 2023.
Read more: https://www.cnbc.com/2025/12/03/adp-jobs-report-november-2025-private-payrolls-unexpectedly-fell-by-32000-.html
The only ones who might have considered this "unexpected" is the 45 administration and some of the clueless business media.
TARIFFS.
Look at the bankruptcies report that just released - https://www.democraticunderground.com/10143575992
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ADP is bad for the nation's economy. Somebody should shut down ADP.
"FAKE NOOOOOOOOOOOOOOOOOZ" 
just in a downward direction
I know your question is probably rhetorical... 
But based on CNBC's conclusion - it might mean a better chance of an interest rate cut next week (the odds had dropped for getting any kind of cut after the last released UE and CPI, but now this ADP report is causing concern). It would probably NOT be want they would want - something like a 50 basis points, but probably 25 again.
The lower the interest rates, the less people might get into bonds and would shift back to the "roaring" (bubble) stock market.
(my handy dandy graphs)
When the "Great Recession" hit in 2008, the rates were stepped down to and eventually hit near 0 (~0.25%). In March of 2009 during Obama's first year in office, the stock market had crashed from a high of ~14,000 in October 2008, down to ~6000.
The rates stayed near 0 for the next 7 years, which was sort of unprecedented. By then, the economy had recovered thanks to various stimulus projects like ARRA... job creation was underway, and the markets came back. That is when the rates were ticked up and QE was being reduced.
The increases continued into 45's first term (I think there were 8 of them), before he started yelling and the hikes were halted. THEN the pandemic hit, the economy crashed, and the UE had skyrocketed upwards to near 16%.
And BAM! Interest rates were dropped back down again.
When Biden came in, he had to spend his 4 years cleaning up THAT mess by pumping out stimulus, which apparently triggered inflation and up the rates went, but down came the UE with that.
Once things stabilized, the Fed has been stepping the rates down to "keep a lid on" inflation and it was just about there getting close to their preferred "2%" (I think it was around or under 2.9%) before 45 came in to toss a grenade into the whole thing.
The tariffs are going to add a variable into how they handle the interest rates because of the uncertainty of how much the bigger corporations are going to "eat" before doing a massive passing on of the cost to the consumers and with an AI bubble underway, we may end up mirroring what happened in the '90s with the dotcom bubble. And worse come to worse, with all the talk of "stagflation", we may repeat the '70s!
