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3rd Dec 2025 11:41USDaily Monitor
  • ADP’s numbers have considerably understated the initial official estimates of private payrolls this year. 
  • Reliable surveys suggest an initial private print of 75K-to-100K in November, still too soft for comfort. 
  • A raft of indicators point to consumer weakness in Q4. We think spending will rise by only around ½%.

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Keywords for: 4 December 2025 US Monitor Private payrolls probably holding up better than ADP'

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