Core Insights - The NER Pulse indicates that U.S. private employers added an average of 11,500 jobs per week for the four weeks ending December 6, 2025, showing a decrease from the previous week's upwardly revised figure of 17,500 jobs [1] Employment Data Summary - The job growth trend remains positive for the third consecutive week despite a slowdown in the rate of hiring [1] - The four-week moving average of job additions shows fluctuations, with the following weekly averages: - 11,500 jobs for the week ending December 6, 2025 - 17,500 jobs for the week ending November 29, 2025 - 3,750 jobs for the week ending November 22, 2025 - Negative job additions in the weeks prior, including -8,500 jobs for the week ending November 15, 2025, and -11,750 jobs for the week ending November 8, 2025 [1] Publication Schedule - 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 will be released on January 13, 2026, as there will be no publication on December 30, 2025 [3]

Core Insights - Paychex, Inc. is a leading provider of human capital management solutions, offering services such as payroll processing, HR solutions, benefits administration, and insurance services, primarily targeting small to medium-sized businesses [1] - The consensus price target for Paychex has declined from $136.56 to $121.20 over the past year, indicating a cautious outlook from analysts, while Citigroup analyst Peter Christiansen has set a more optimistic target of $145 [2][5] - Paychex is expected to report an 18% year-over-year revenue increase in its upcoming second-quarter earnings for 2026, driven by the expansion of Management Solutions and contributions from Paycor [3][5] - The competitive landscape in the HR and payroll services industry is evolving, with technological advancements and new entrants, and Paychex's focus on expanding cloud-based HR solutions could positively influence future analyst expectations [4] Industry Trends - The HR and payroll services industry is experiencing changes due to technological advancements and the entry of new competitors, which may impact the market dynamics [4] - Analysts are encouraged to consider the trends in consensus price targets and the strategic initiatives of companies like Paychex when evaluating investment opportunities [4]

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Core Insights - ADP has integrated Thatch's ICHRA platform into its RUN payroll system, enabling over 900,000 small businesses to offer flexible and affordable health coverage directly through their payroll workflow [1][4][6] Company Overview - ADP has been a leader in HR and payroll solutions for over 75 years, continuously innovating to address business challenges for clients of all sizes [7] - Thatch, launched in 2023, specializes in providing personalized healthcare benefits through ICHRA, helping over 1,000 companies improve healthcare coverage while managing costs [10] Integration Benefits - The integration allows employers to request quotes and enroll in ICHRA benefits seamlessly, automating payroll deductions and carrier payments, thus reducing administrative burdens [4][8] - Employees gain the flexibility to choose from various health, dental, and vision plans tailored to their needs, all within the existing payroll system [8][9] Strategic Importance - This partnership exemplifies ADP's strategy of accelerating innovation by collaborating with startups, enhancing client impact through embedded solutions [2][6] - The integration is positioned as a significant advancement in healthcare access and affordability for small businesses, enabling them to compete for talent more effectively [6][3]

Core Insights - ADP has launched the Save4Retirement Pooled Employer Plan (PEP), allowing multiple unrelated employers to join a single, professionally managed 401(k) structure, which consolidates administration and reduces fiduciary risk [1][2] Group 1: Cost Savings and Administrative Efficiency - The Save4Retirement PEP provides scale-driven cost savings by sharing administrative costs among participating employers, leading to reduced plan expenses [2][8] - Significant administrative responsibilities, including compliance tests and audits, are shifted from employers to the pooled plan provider, Pentegra, thereby lowering fiduciary risk [2][8] Group 2: Investment Management - Mesirow serves as the ERISA 3(38) investment manager for the Save4Retirement PEP, overseeing the investment lineup and conducting ongoing investment monitoring [3][10] - Mesirow provides quarterly reporting to ensure transparency and proper documentation of fiduciary oversight [3] Group 3: Role of Investment Advisors - Independent registered investment advisors (RIAs) maintain a central advisory role, helping employers manage plan features while benefiting from a consolidated platform [4][8] - The collaboration with ADP's Participant Success Organization enhances participant enrollment and ongoing education [4] Group 4: Technology Integration - The Save4Retirement PEP is supported by ADP's embedded payroll and recordkeeping integration, ensuring real-time data synchronization between payroll and recordkeeping systems [5] - This integration promotes confidence in plan compliance and the integrity of participant accounts [5]

Core Insights - ADP has announced the finalists for the 2026 HCM Distinction Awards, recognizing large employers that excel in Human Capital Management (HCM) and workplace innovation [1][2][3] - The awards celebrate organizations that leverage HCM technology to enhance organizational agility, foster engaged cultures, and improve employee experiences [2][3] - Winners will be revealed at the ADP Meeting of the Minds conference scheduled for April 14-17, 2026, in Orlando, Florida [4] Summary by Categories - **Agility at Work Award Finalists**: Recognizes organizations that demonstrate flexibility and responsiveness in their workforce management [5] - **Culture at Work Award Finalists**: Highlights companies that cultivate a strong, people-centric culture [5] - **Global Solutions at Work Award Finalists**: Acknowledges organizations that implement effective global HCM solutions [5] - **Innovation at Work Award Finalists**: Celebrates companies that drive innovation in their workplace practices [5] - **Talent at Work Award Finalists**: Focuses on organizations that excel in talent management and development [5] Company Overview - ADP has been a leader in HR and payroll solutions for over 75 years, serving more than 1.1 million clients across 140+ countries [6][7] - The company emphasizes innovation and expertise in solving business challenges, offering tools for both small businesses and large enterprises [7]

Core Insights - Private sector employment decreased by 32,000 jobs in November 2025, with year-over-year pay growth at 4.4% [1] - Job creation has been stagnant in the second half of 2025, with notable weaknesses in manufacturing, professional and business services, information, and construction sectors [1] Employment Report - Private employers lost 32,000 jobs in November 2025, with significant declines in small businesses leading the downturn [1] - Job losses by industry included: - Goods-producing: -119,000 (Natural resources/mining: 8,000; Construction: -9,000; Manufacturing: -18,000) - Service-providing: -13,000 (Trade/transportation/utilities: 1,000; Information: -20,000; Financial activities: -9,000; Professional/business services: -26,000; Education/health services: 33,000; Leisure/hospitality: 13,000; Other services: -4,000) [1] - Job changes by region showed: - Northeast: -100,000 (New England: -50,000; Mid-Atlantic: -49,000) - Midwest: +45,000 (East North Central: +41,000; West North Central: +4,000) - South: -43,000 (South Atlantic: -78,000; East South Central: +31,000; West South Central: +3,000) - West: +67,000 (Mountain: +13,000; Pacific: +54,000) [1] - Changes by establishment size indicated: - Small establishments: -120,000 (1-19 employees: -46,000; 20-49 employees: -74,000) - Medium establishments: +51,000 (50-249 employees: +31,000; 250-499 employees: +20,000) - Large establishments: +39,000 (500+ employees: +39,000) [1] Pay Insights - Year-over-year pay growth for job-stayers was 4.4%, down from 4.5% in October, while job-changers saw a pay increase of 6.3%, down from 6.7% [1] - Median annual pay changes for job-stayers by industry included: - Goods-producing: Natural resources/mining: 4.3%; Construction: 4.4%; Manufacturing: 4.8% - Service-providing: Trade/transportation/utilities: 4.4%; Information: 4.2%; Financial activities: 5.2%; Professional/business services: 4.2%; Education/health services: 4.3%; Leisure/hospitality: 4.5%; Other services: 4.0% [1] - Median annual pay changes for job-stayers by firm size included: - Small firms: 1-19 employees: 2.5%; 20-49 employees: 4.0% - Medium firms: 50-249 employees: 4.7%; 250-499 employees: 4.8% - Large firms: 500+ employees: 4.9% [1]

Core Insights - Paychex reported a 10% total revenue growth in Q4 2025, driven by the Paycor acquisition, with a full-year revenue growth of 6% and adjusted diluted EPS growth of 6% [1] - The integration of Paycor exceeded management expectations, leading to raised cost synergy targets and guidance for fiscal 2026 projecting total revenue growth of 16.5%-18.5% [2] Integration and Market Strategy - The Paycor acquisition added over 50,000 clients, contributing approximately 12-13 percentage points to consolidated revenue growth in fiscal 2026 [3] - Paychex Flex targets companies with up to 99 employees, while Paycor focuses on enterprises with over 100 employees, and SurePayroll serves the smallest businesses [4] Cost Synergy and Operational Efficiency - Management raised cost synergy expectations for fiscal 2026 to $90 million, with most actions completed shortly after the acquisition [5][6] - Adjusted operating income margins, excluding Paycor, expanded by 110 basis points in Q4 and by 250 basis points for the full year, indicating operational discipline [5] Channel Ecosystem and Revenue Synergies - Over half of new business originates from channel partners, with initial cross-sell achievements validating the combined referral-driven go-to-market framework [7] - The Paychex Partner Plus program has enrolled over 1,000 brokers, fostering relationships and expanding the referral network [8] Future Outlook - For fiscal 2026, management projects total revenue growth of 16.5%-18.5%, with significant contributions from the Paycor acquisition and expected growth in various segments [9] - Most cost synergy actions have been executed, balancing incremental cost reductions and investments for long-term growth [10]