ADP National Employment Report – November 2025

When Small Businesses Pull Back, Big Opportunities Quietly Appear

According to the ADP National Employment Report for November, 2025,private sector employment decreased by 32k jobs and pay was up 4.4% year-over-year. ADP says November hiring was particularly weak in manufacturing, professional and business services, information, and construction. 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.

“Hiring has been choppy of late as employers weather cautious consumers and an uncertain macroeconomic environment…And while November’s slowdown was broad-based, it was led by a pullback among small businesses.” Said ADP chief economist Dr. Nela Richardson.