US Commerce Secretary: Negative ADP Jobs Data Not Attributable to Tariffs

Summary

U.S. Commerce Secretary Lutnick stated that the negative ADP employment data should not be blamed on tariffs initiated by President Trump.Wallstreetcn

Impact Analysis

So they’re basically trying to shift the narrative away from tariffs being the culprit for the unexpected drop in ADP employment numbers. The Commerce Secretary’s comments come right after the ADP report showed a 32,000 job loss in November, which was a stark contrast to the expected 10,000 job gainReuters+ 2. This timing is suspicious, as it seems like a preemptive move to control the narrative before the BLS report on December 16. The market might be underestimating the impact of tariffs on small businesses, which have been struggling with job growth due to these trade policiesTalkmarkets. If the BLS report aligns with ADP’s negative trend, we could see increased pressure on the Fed to cut rates, potentially affecting the dollar and boosting safe-haven assets like gold. Watch for market reactions to the upcoming BLS data and any further policy shifts from the Fed.