Core Insights - The NER Pulse indicates that U.S. private employers added an average of 8,000 jobs per week for the four weeks ending December 27, 2025, reflecting a modest slowdown in hiring during the last week of 2025 [1]. Employment Data Summary - The four-week moving average of job additions showed the following weekly changes: - Week ending 12/27/2025: 8,000 jobs - Week ending 12/20/2025: 11,250 jobs - Week ending 12/13/2025: 10,250 jobs - Week ending 12/6/2025: 8,750 jobs - Week ending 11/29/2025: 13,250 jobs - Week ending 11/22/2025: 3,750 jobs - Week ending 11/15/2025: -8,500 jobs - Week ending 11/8/2025: -11,750 jobs - Week ending 11/1/2025: -7,500 jobs - Week ending 10/25/2025: -4,750 jobs - Week ending 10/18/2025: 11,500 jobs - Week ending 10/11/2025: 10,250 jobs [1]. NER Pulse Release Information - The NER Pulse is published every Tuesday at 8:15 a.m. ET, except during the weeks when the monthly National Employment Report is released [2]. - The next NER Pulse is scheduled for release on January 27, 2026 [3]. About ADP Research - ADP Research aims to enhance workplace productivity through data-driven insights, providing valuable information for companies, workers, and policymakers [4]. - ADP has over 75 years of experience in HR and payroll solutions, serving more than 1.1 million clients across 140+ countries [5].

Core Viewpoint - Automatic Data Processing Inc. (NASDAQ:ADP) has shown mixed performance, with a short-term stock increase of 0.77% over the past month but a significant decline of 12.82% over the past year, prompting long-term shareholders to consider the company's price-to-earnings (P/E) ratio [1]. Group 1: Company Performance - The current share price of Automatic Data Processing Inc. is $260.01, reflecting a slight drop of 0.07% [1]. - The company's P/E ratio stands at 25.69, which is lower than the aggregate P/E ratio of 29.74 for the Professional Services industry [4]. Group 2: P/E Ratio Analysis - The P/E ratio is a critical metric for long-term shareholders to evaluate market performance against historical earnings and industry standards [3]. - A lower P/E ratio may suggest that shareholders expect poorer future performance or that the company is undervalued [3][6]. - Investors are advised to consider the P/E ratio alongside other financial metrics and qualitative factors, as it has limitations and should not be used in isolation [6].

Core Insights - There is a structural shift in corporate leadership with more women taking on top roles, leading to improved performance in innovation, operational agility, and shareholder returns [2] - Women-led organizations are demonstrating disciplined execution and better capital allocation, reinforcing investor confidence in sustainable business models [2] Group 1: Women Entrepreneurs and Business Growth - The number of women-owned firms grew 44% faster than male-owned businesses from 2019 to 2024, indicating a significant impact on the U.S. business landscape [4] - 56% of women entrepreneurs reported higher revenues in 2025 compared to 2024, with 66% expecting growth in 2026 despite macroeconomic uncertainty [4] - Women entrepreneurs are increasingly accessing growth capital, with 20% utilizing debt and 32% equity funding in the past year [4] Group 2: Funding Challenges - Women-led startups receive only about 2% of venture capital funding in the U.S. and Europe, highlighting a significant funding disparity [5] - Biases in the investment community contribute to this disparity, with female entrepreneurs often facing risk-focused questions compared to opportunity-focused questions for male entrepreneurs [5] Group 3: Investment Opportunities in Women-Led Companies - Companies like The Estee Lauder Companies Inc. (EL), Commercial Metals Company (CMC), Arista Networks, Inc. (ANET), and FuelCell Energy, Inc. (FCEL) exemplify strong leadership and strategic vision, making them attractive investment opportunities [7] - Estee Lauder Companies reported net sales of $3.48 billion, up 4% year over year, with adjusted earnings per share rising to 32 cents from 14 cents [12] - Commercial Metals Company reported net earnings of $177.3 million on net sales of about $2.1 billion, marking a significant improvement from a net loss in the prior-year period [14] - Arista Networks reported revenue of approximately $2.308 billion, up about 27.5% year over year, with non-GAAP net income of $962.3 million [17] Group 4: Leadership Contributions - Maria Black's leadership at Automatic Data Processing has driven cloud-based HCM innovation and steady revenue growth [3] - Jody Absher at Commercial Metals Company has strengthened governance and legal strategy, contributing to the company's operational success [13][15] - Jayshree V. Ullal's leadership at Arista has transformed the company into a leader in cloud networking, with a focus on innovation and strategic partnerships [16][19] - Karen A. Farrell at FuelCell Energy is enhancing the company's human capital framework, crucial for scaling operations in the clean energy sector [20][22]

Group 1 - Automatic Data Processing, Inc. (ADP) announced a new stock buyback authorization of $6 billion, replacing the previous $5 billion authorization from 2022 [1] - As of December 31, 2025, ADP had approximately 403 million common shares outstanding [1] Group 2 - ADP has over 75 years of experience in HR and payroll solutions, serving more than 1.1 million clients across 140+ countries [2] - The company focuses on innovation and expertise to address business challenges, offering tools for small businesses to integrated platforms for global enterprises [2] - ADP emphasizes its commitment to people through AI-driven insights and innovative solutions in HR, Talent, Time Management, Benefits, Compliance, and Payroll [2]

Group 1 - The NER Pulse indicates that U.S. private employers added an average of 11,750 jobs per week for the four weeks ending December 20, 2025, showing an increase from the previous week [1] - The job gains have shown a fluctuating trend, with the previous week's average at 11,000 jobs and the week before that at 8,750 jobs [1] - The NER Pulse is based on a four-week moving average and is seasonally adjusted, with a two-week lag for more accurate employment trend estimates [1] Group 2 - The NER Pulse is published every Tuesday at 8:15 a.m. ET, except during the release of the monthly National Employment Report [2] - The next NER Pulse is scheduled for release on January 20, 2026 [2] - The ADP National Employment Report and NER Pulse are produced in collaboration with the Stanford Digital Economy Lab [3]

Core Insights - The article emphasizes the importance of understanding different payment schedules for employees, which can vary from weekly to monthly [1] Group 1: Investment Insights - Scott Kaufman, known as Treading Softly, has over a decade of experience in the financial sector and focuses on providing actionable insights into high-quality dividend growth and undervalued investment opportunities [1] - The goal is to achieve a robust total return through cash dividends and strong capital gains [1]

Core Insights - The December private-sector payrolls from ADP reported an increase of +41K, slightly below estimates but showing a rebound from the previous month's revised figure of -29K [1][2] - The average monthly ADP jobs numbers over the past six months have been weak, averaging only +27K new hires, compared to +122K in the previous six months [2] Employment Trends - Goods-producing jobs decreased by -3K, but losses are narrowing, while services gained +44K positions, with medium-sized firms leading with +34K new hires [3] - The Education/Healthcare sector added +39K jobs, followed by Leisure/Hospitality with +24K and Trade/Transportation/Utilities with +11K, while Professional/Business Services lost -29K positions [4] Wage Growth - Average wage gains for job stayers were +4.4% and for job changers +4.6%, indicating a tight labor market, with job changers not seeing significant wage increases as typically expected [5] Market Expectations - The November Job Openings and Labor Turnover Survey (JOLTS) is expected to show 7.6 million job openings, consistent with recent months and reflecting a high level of job insecurity among the labor force [6] - ISM Services for December is projected to decrease by 40 basis points to 52.2%, indicating economic growth, while ISM Manufacturing fell to 47.9%, suggesting economic contraction [7] - Factory Orders for October are anticipated to decline by -1.2%, aligning with the weakening employment environment indicated by ADP's Goods-producing jobs and ISM Manufacturing data [8]

Core Insights - Private sector employment increased by 41,000 jobs in December, with a year-over-year pay increase of 4.4% [1][10] - The ADP National Employment Report provides an independent measure of the labor market based on anonymized payroll data from over 26 million private-sector employees in the U.S. [2] Employment Changes - The increase in jobs was primarily driven by the education and health services, and leisure and hospitality sectors [5] - The breakdown of job changes by industry shows a loss of 3,000 jobs in goods-producing sectors and a gain of 44,000 jobs in service-providing sectors [6] - Regional job changes included gains of 40,000 in the Northeast, 9,000 in the Midwest, and 54,000 in the South, while the West saw a loss of 61,000 jobs [7][9] Industry-Specific Insights - Notable job changes by industry included: - Education/health services: +39,000 - Leisure/hospitality: +24,000 - Professional/business services: -29,000 - Manufacturing: -5,000 [8] Pay Insights - Pay growth for job-stayers remained at 4.4% year-over-year, while pay growth for job-changers increased to 6.6% from 6.3% [10] - Median pay changes for job-stayers varied by industry, with financial activities at 5.2% and leisure/hospitality at 4.5% [14] - Pay growth for job-stayers by firm size showed small firms at 2.3%, medium firms at 4.6%, and large firms at 4.8% [21]

Core Viewpoint - Warren Buffett has officially retired from his position as the CEO of Berkshire Hathaway, marking a significant transition for the company and its future leadership [1]. Group 1 - Warren Buffett, known as the Oracle of Omaha, has stepped down after a long tenure at the helm of Berkshire Hathaway [1].

Market Overview - Major market indexes are mixed in pre-market trading, with the Dow down 46 points, S&P 500 up 14 points, Nasdaq up 144 points, and Russell 2000 up 1 point [1] - Over the past month, the Dow and S&P 500 have increased by 1.2% and 0.55% respectively, while the Nasdaq has decreased by 0.7% and Russell 2000 is nearly flat at -0.02% [1] Upcoming Earnings - Q4 earnings season is set to begin next week with major banks like JPMorgan and Citigroup, along with early reporters such as Delta Air Lines [2] - These earnings reports will provide insights into the performance of the U.S. economy in the final quarter of 2025 [2] Employment Data - The first full week of the month is referred to as "Jobs Week," which will include monthly employment data from both private and overall non-farm sectors [3] - ADP's private-sector payrolls reported a loss of 32,000 jobs last month, the worst figure in nearly three years, with forecasts predicting a gain of 45,000 jobs for December [4][3] - The Job Openings and Labor Turnover Survey (JOLTS) will also be released, showing a recovery in job openings from summer lows, with October's openings at 7.67 million [5] - Weekly Jobless Claims report indicates a significant drop to 199,000, marking only the second time in two years that claims fell below 200,000 [6] - Continuing Claims have decreased to below 1.9 million, suggesting a perceived strength in the labor market despite notable layoffs at companies like Amazon and Nestlé [7] Employment Situation Report - The Employment Situation report on Friday is expected to show an unemployment rate of 4.7%, the highest since September 2021, with non-farm payrolls projected to increase by 54,000 for December [9][10] - A positive surprise in the employment data could be beneficial for the market, while a disappointing report may increase the likelihood of a Federal Reserve rate cut [10] Commodity Market - Oil prices are rising, along with gold and silver, as a hedge against risks to stock market equities, amid geopolitical tensions such as the U.S. invasion of Venezuela [11] - Bond yields remain stable, with the 10-year yield currently below 4.18% [11] Manufacturing Data - ISM Manufacturing numbers for December are expected to rise by 10 basis points to 48.3%, still indicating contraction as it remains below the 50 level [12] - ISM Services data is anticipated to reach 52.1%, reflecting growth in that sector [12]