Private NFP from ADP
Original Report
+44K vs. +68K per Bloomberg consensus. Figure 1: Change since 2025M03 in private nonfarm payroll employment from BLS (blue), from ADP (red), 2023M04-2025M03 Stochastic trend (gray line), all in...
+44K vs. +68K per Bloomberg consensus. Figure 1: Change since 2025M03 in private nonfarm payroll employment from BLS (blue), from ADP (red), 2023M04-2025M03 Stochastic trend (gray line), all in 000’s, s.a. Source: BLS, ADP via FRED.
Glass House Analysis
Labor market conditions shape the lived experience of millions of working families. When jobs are plentiful, workers have leverage to demand better wages and conditions; when they're scarce, the balance of power shifts to employers. This dynamic plays out daily in kitchen tables across America, where families make decisions about whether to ask for a raise, change jobs, or accept less-than-ideal conditions out of necessity.
The implications extend beyond the immediate news cycle. Every economic development creates ripples that affect employment, prices, and opportunities in ways that may not be immediately visible but are deeply felt. By tracking these connections, we can better understand how the economy truly works—not as an abstract machine, but as a human system shaped by and shaping the lives of millions.
Enjoyed this analysis?
Get the Glass House Briefing every morning—market news that actually makes sense, delivered free to your inbox.
No spam. Unsubscribe anytime.
More Stories
S&P 500 is flat as 4-day rally loses momentum; Dow boosted by Nvidia: Live updates: Live updates
The S&P 500 was little changed on Wednesday, pulling back from record highs set earlier in the day, weighed by declines in some major tech stocks
Senate vote on the Protect College Sports Act could come this week: What it means for transfers and salary caps
Here’s how the Protect College Sports Act could impact the economics of college sports.
How Disney parks are bucking a travel slowdown
Disney posted record quarterly revenue at its parks division despite a continued slump in international travel to the U.S.
Why AT&T, Verizon and T-Mobile shares are down after SpaceX’s earnings
SpaceX thinks it will be able to build wireless capabilities without massive network investments.