US private employers cut an average of -11,250 jobs per week over the 4 weeks ending October 25th, according to ADP’s weekly data. This brings the 4-week total to -45,000, the 2nd-largest drop since 2020. This contrasts with ADP’s monthly report, which showed private-sector payrolls rose +42,000 in October, following declines in the prior 2 months. Meanwhile, Goldman Sachs estimates payrolls fell -50,000 in October. Downward momentum in the US job market is accelerating.