ADP data shows that employment decreased by 32,000 in November, and the dollar weakened

According to Jinshi News, the U.S. ADP employment numbers for November decreased by 32,000, far below the expected increase of 10,000, further strengthening the narrative of a weak labor market. This marks the third time this year that ADP data has recorded negative growth, with previous declines of -23,000 and -29,000 in June and September, respectively. The -32,000 in November is the largest drop since March 2023. In response, the dollar fell again, with the dollar against the yen briefly hitting a new low.