ADP report: U.S. lost average of 11,000 jobs per week in October

Job Market Trends - ADP preliminary report shows a 4-week moving average of private sector job creation down by 11,000, equating to a month-on-month change of approximately -44,000 to -45,000 [1] - The index of average weekly job growth over the four-week period ending October 25th is down by 11,000, contrasting with the previous month's increase of 42,000, suggesting a weakening in job growth [2] - NFIB small business optimism index fell 0.6% to 98.2%, the lowest since April, though still above the long-term average [3] - Plans to increase hiring among small businesses fell by 1 percentage point to 15% [3] Labor Market Challenges - Trouble with labor quality among small businesses increased by 9 percentage points to 27%, the highest since the pandemic [4] - Unfilled job openings remained unchanged, indicating a dynamic where businesses are not actively hiring but struggle to find suitable candidates [4] - Pantheon suggests that difficulties in finding workers may be linked to new immigration and deportation policies [5] Economic Outlook - The data is consistent with a low fire, low hire economy [5]