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Core Viewpoint - The ADP National Employment Report indicates a moderate recovery in the U.S. job market, with private sector non-farm employment increasing by 41,000 in December 2025, reversing a decline of 29,000 in November 2025, although it fell short of the Dow Jones consensus estimate of 48,000 [2][4]. Employment Growth - The employment growth is primarily concentrated in the service sector, with education and healthcare contributing 39,000 jobs, leisure and hospitality adding 24,000 jobs, and trade, transportation, and utilities increasing by 11,000 jobs. However, some sectors experienced job losses, including professional and business services, which decreased by 29,000 jobs, and the information services sector, which lost 12,000 jobs [2][3]. - The overall job market showed regional disparities, with the South and Northeast adding 54,000 and 40,000 jobs respectively, while the West saw a significant decline of 61,000 jobs, particularly in the Pacific region, which lost 59,000 jobs [2]. Business Size Impact - Job growth was predominantly driven by small and medium-sized enterprises, with medium-sized businesses (50-499 employees) adding 34,000 jobs and small businesses (1-49 employees) contributing 9,000 jobs. Large enterprises (500+ employees) only added 2,000 jobs [3][4]. Wage Growth - Wage growth remains moderate, with average annual salary increases for employees staying in their positions at 4.4%, unchanged from November. The manufacturing sector saw a 4.8% increase, while the financial services sector experienced a 5.2% increase [3][4]. - Employees who changed jobs saw a salary increase of 6.6%, up by 0.3 percentage points from the previous month, indicating a cooling labor market [4]. Economic Indicators - The ADP report serves as a key forward-looking indicator of the U.S. private sector job market, based on anonymous weekly salary data from over 26 million private sector employees. It provides insights into employment dynamics across industries, business sizes, and regions [4]. - Following the release of the ADP data, U.S. Treasury yields continued to decline, with the 10-year Treasury yield dropping by 3.9 basis points to 4.14%. Gold and silver prices also fell, with spot gold down by 1% and spot silver down nearly 5% [4][5].