The last employment data before the Fed's December decision "shocks": in November, "small non-agricultural" unexpectedly turns negative, supporting expectations of a rate cut.

As reported by the Securities Times APP, the latest "small non-farm" ADP employment numbers in the United States show that in November 2025, the number of private sector employees unexpectedly decreased by 32,000. This is not only significantly lower than the market's expected increase of 10,000, but also the lowest level since March 2023. The data for October, after being revised upwards, showed an increase of 47,000.