"Fueling interest rate cuts was a decline in ADP private payrolls for November. Instead of a gain of 40,000 jobs, ADP reported a loss of 32,000 jobs for the month. In addition, according to Challenger, Gray & Christmas, we're now seeing the most layoff announcements since 2020 - which is another sign of a labor market slowdown that's also boosting odds for a rate cut."
"As noted by CNBC, "The firm said layoff plans totaled 71,321 in November, a step down from the massive cuts announced in October but still enough to bring the 2025 total up to 1.17 million. That total is 54% higher than the same 11-month period a year ago and the highest level since 2020, when the Covid pandemic rocked the global economy.""
"After a strong push for artificial intelligence, the Trump Administration is now looking to robots. In fact, as noted by Politico, Commerce Secretary Howard Lutnick has been meeting with robotics industry CEOs and is "all in" on accelerating the industry's development. Reportedly, the administration is considering issuing an executive order on robotics next year, as well."
Markets were essentially flat, with the S&P 500 up about two points, the SPDR S&P 500 ETF fractionally higher, the Dow up roughly six points, and the Nasdaq down 23. ADP reported a loss of 32,000 private payroll jobs in November versus an expected gain of 40,000. Challenger, Gray & Christmas reported layoff plans totaling 71,321 in November, bringing the 2025 total to 1.17 million, 54% higher than the prior year and the highest since 2020. Odds of a December interest-rate cut rose to 89.2%. Airline stocks received upgrades and price targets, and the Commerce Secretary has engaged robotics CEOs amid possible executive action on robotics.
Read at 24/7 Wall St.
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