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The ADP report shows US private sector jobs rose by 41,000 in December 2025, driven by services, with wages up 4.4% for those staying in their positions.
September core PCE rose 2.8%, beating forecasts after a shutdown delay, giving the Fed a final inflation read as tariff threats risk adding price pressure.
US November CPI rose a softer-than-expected 2.7%, lifting hopes of easier monetary policy, but shelter costs and missing October data temper confidence.
US job growth rebounded in November, but higher unemployment and slower wage growth point to a cooling labour market and rising focus on policy response.
US labor market cooled in November as firms cut 32,000 jobs, hitting small businesses hardest, while wage growth slowed to 4.4% year over year, ADP said.
Expectations for a December Fed rate cut are rising despite officials' divisions. Powell says the move isn't assured, but markets still expect easing before 2026.
Core inflation stayed at 2.9%, supporting rate cuts as spending and income rose. Tariff effects were limited, and Trump hasn't applied the 10% Canada duty.
