ADP estimates that US private payroll employment increased at an average pace of 16.5k in the four weeks to July 4th, down from 19.25k in the four weeks to June 27th

• The latest weekly ADP Pulse data point of 16.5k is the lowest since mid-March 2026, continuing a streak of weaker job gains that began in early May.
• ADP made one minor downward revision to the previous week's print: 19,750 -> 19,250.