Federal Reserve and Interest Rates

ADP reported U.S. private payrolls fell by 32,000 in November, with its three‑month average at −4,700 jobs — a sign of flatlining conditions concentrated at the smallest firms. Broader labor measures show modest cooling (Chicago Fed real‑time unemployment 4.44%, four‑week initial claims ≈215,000, and Bank of America data showing payroll growth slowed to +0.2% year‑over‑year), and BofA economists attribute the weakness more to supply constraints than to a large wave of layoffs.