ADP estimates that US private employment increased at an average pace of 8.25k in the four weeks to July 25th, almost half the pace in the four weeks to July 4th.

• This week's ADP Pulse data point is the lowest since the fourth week of January 2026, falling below even the weakest growth seen at the end of February and beginning of March.
• There was one minor revision to existing data. The pace in the week of July 11th was revised down from 15,000 to 14,500.