ADP National Employment Report – September 2025

Why Fewer Jobs Could Mean Bigger Opportunities in Real Estate

According to the ADP National Employment Report for September 2025, private sector employment decreased by 32k 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.

“Despite the strong economic growth we saw in the second quarter, this month’s release further validates what we’ve been seeing in the labor market, that U.S. employers have been cautious with hiring.” Said ADP chief economist Dr. Nela Richardson.