• Private employers added an average of 4,750 jobs per week in the four weeks ending November 22, 2025, according to ADP (ADP)'s NER Pulse.
  • This marks a modest improvement after several weeks of net job losses, though the full November ADP report showed a net loss of 32,000 private-sector jobs for the month.
  • Wage growth remained elevated at 4.4% year-over-year, highlighting persistent labor market pressures amid choppy hiring trends.

U.S. private employers added an average of 4,750 jobs per week in the four weeks ending November 22, 2025, according to ADP's NER Pulse, a high-frequency, preliminary estimate based on payroll data. The figure suggests a slight stabilization in job creation after recent declines, but it comes with caveats—the full November ADP National Employment Report, released shortly after, showed a net loss of 32,000 private-sector jobs for the month, underscoring ongoing volatility in the labor market.

Dr. Nela Richardson, ADP's chief economist, noted in a statement that the weekly gains were "encouraging but not broad-based," with hiring concentrated in sectors like education and healthcare while professional services and manufacturing saw continued cuts. "We're seeing a tug-of-war between cautious employers and persistent wage pressures," she said, adding that the data is subject to revision as more payroll information becomes available. Efforts to reach small business representatives for comment on the hiring slowdown were unsuccessful, but industry sources indicate that macroeconomic uncertainty is driving a pullback in staffing plans.

Without sustained job growth, the economy could face headwinds in early 2026, potentially influencing Federal Reserve policy decisions. The NER Pulse, introduced in 2025 as a weekly indicator, provides an early look at trends, though its preliminary nature means estimates may shift. In late 2025, the labor market has shown signs of cooling, with labor force participation declining to 62.2% from 63.3% in 2019, constraining hiring capacity. According to people familiar with the matter, some firms are turning to AI and automation to offset labor shortages, reshaping skill demands.

Market reaction has been muted, with economists debating whether the 4,750 weekly average signals a soft patch or a more sustained downturn. The broader context includes a projected structural slowdown, with the Bureau of Labor Statistics forecasting total employment growth of only 3.1% from 2024 to 2034, down from 13% in the prior decade. As one analyst put it, "This isn't a collapse, but it's a clear deceleration—we're entering a new normal of uneven growth." The ADP Pulse will be updated next Tuesday, offering further insight into whether this weekly uptick holds.