Core Viewpoint - Major market assets showed a moderate reaction to new data indicating a decline in private sector employment, particularly in small businesses in the Northeast U.S. [1] Employment Data - ADP reported a decrease in hiring for November by 32,000 jobs, primarily affecting small businesses [1] - The decline in employment is attributed to factors such as tariffs and increased operational costs that small companies struggle to absorb [1] Economic Implications - The response from small businesses to rising costs typically involves cutting expenses, with labor being their largest cost component [1]

Core Insights - ADP has nominated Karen S. Lynch and Robert H. Swan to its Board of Directors ahead of the Annual Meeting of Stockholders on November 12, 2025 [1] - Lynch brings over three decades of experience in the healthcare industry, having served as President and CEO of CVS Health Corporation from 2021 to 2024 [1] - Swan has extensive operational and financial expertise, previously serving as CEO and CFO of Intel Corporation and holding senior roles at eBay and General Electric [2] Company Strategy - The nominations are aimed at enhancing ADP's strategic priorities, focusing on the integration of new technologies and adapting to shifting workplace dynamics [1] - ADP's leadership emphasizes the importance of providing clients with user-friendly HCM technology that offers smart insights and a human-centric experience [1] Leadership Background - Karen S. Lynch has held various leadership roles, including Executive Vice President at CVS Health and President of Aetna, and is currently a director at Thermo Fisher Scientific [1] - Robert H. Swan has a diverse background in technology and finance, with experience as CFO at multiple companies and currently serving as a director at Micron Technology and Nike [2]