ADP National Employment Report – October 2025

The Labor Market Just Blinked. Here’s How Smart Investors Respond

According to the ADP National Employment Report for October, 2025,private sector employment decreased by 42k jobs and pay was up 4.5% year-over-year. The ADP National Employment Report is an independent and high-frequency view of the private-sector labor market based on the aggregated and anonymized payroll data of more than 25 million U.S. employees.

Private employers added jobs in October for the first time since July, but hiring was modest relative to what we reported earlier this year. Meanwhile, pay growth has been largely flat for more than a year, indicating that shifts in supply and demand are balanced.” Said ADP chief economist Dr. Nela Richardson.