ADP employment report shows white-collar jobs wipeout

Group 1 - Private employers added 41,000 jobs in December, indicating a modest rebound from November's losses, but the underlying economy appears fragile [1][7] - Job losses were concentrated in sectors tied to business confidence, with professional and business services losing 29,000 jobs and information services losing 12,000, negating the overall job growth [2] - Gains were seen in education and health services, leisure, and hospitality, which are more insulated from economic cycles, suggesting hiring is driven by necessity rather than economic expansion [3] Group 2 - Employment on the West Coast, particularly in tech-heavy regions like California, Oregon, and Washington, saw noticeable declines, indicating a pullback in tech and consulting job markets [4] - Large companies added only 2,000 jobs, while small and mid-sized businesses accounted for most of the net growth, reflecting cautious behavior among corporate employers [5][6] - The divergence in ADP data aligns with Federal Reserve Chair Jerome Powell's warning that official hiring data may overstate job creation, hinting at a potential quiet contraction [7][8]