ADP reports that US private employers added an average of 6,500 jobs per week in the four weeks to Jan 24th, up from 5,000 in the four weeks to Jan 17th.

• ADP did its annual benchmarking with the January 2026 QCEW release, and it resulted in major revisions to the weekly data set (see table below).
• The older Pulse data for August and September were, apparently, very pessimistic. New final NER data that has been adjusted to the QCEW benchmark suggests Q3 private hiring was a lot stronger than initially thought.
• November data were revised up substantially. The initial Pulse data points pointed to layoffs in the latter part of the month, but the new Pulse data suggests around 20k jobs per week were added in the last two weeks of Nov.
• December weekly prints were more stable, but in every week, there were downward revisions. However, there is no evidence of layoffs during the month.