The Wall Street Journal: "Fed Lost Access to Private Jobs Data [from ADP] Ahead of Government Shutdown"
Gift link article: https://www.wsj.com/economy/central-banking/fed-lost-access-to-private-jobs-data-ahead-of-government-shutdown-95225bd4?st=2mNuB5&reflink=desktopwebshare_permalink
Summary: ADP stopped providing private jobs data to the Federal Reserve after August 2025. ADP, which handles payroll for ~20% of private jobs nationwide, has been a valuable source of jobs data from the private sector in recent years.
Discussion question: with the Government shut down mere months after President Trump fired the lead statistician at the Bureau of Labor Statistics in a highly-criticized move (seemingly for retribution for publishing accurate, negative revisions in jobs numbers that made the administration look bad), and with ADP no longer providing private sector data, it seems that the Fed is now flying blind. No jobs data from its usual two largest sources. How will this affect markets and the Fed?
Posted Oct 22, 2025, 5:05 PM UTC