The Labor Market Cracks: ADP Report Reveals 32,000 Job Loss, Rocking the USD

The release of the November 2025 ADP National Employment Report delivered a profound shock to the market. Private employers did not just slow hiring; they actively cut 32,000 jobs, marking the weakest monthly performance since the acute disruptions of the post-pandemic era. This figure stood in stark contrast to consensus forecasts, which had generally anticipated a modest gain in employment.