0950 ET - Over the past few months, gloomy results from the ADP survey of private-sector payrolls have been followed by more upbeat figures from the official Labor Department report. But with frequent downward revisions popping up in the following months, Don Rissmiller of research firm Strategas asks: What if the ADP numbers are more accurate than they seem on the surface? "Perhaps as an independent measure, this data series deserves more emphasis," Rissmiller writes. "Taking the latest release at face value, U.S. private payrolls have slowed notably over the past several months in 2025, standing just slightly positive in May." He notes that the pattern accords with other labor-market perspectives, such as the narrative from the Fed's anecdotal Beige Book. (matt.grossman@wsj.com; @mattgrossman)

(END) Dow Jones Newswires

June 10, 2025 09:50 ET (13:50 GMT)

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