Lutnick Denies Tariffs Behind Negative ADP Jobs Number

The government shutdown and mass deportations were the reason ADP recorded a fall in private sector employment in November, Commerce Secretary Howard Lutnick says.

• Lutnick speaks on CNBC
• Small businesses will “rebalance” and “regrow,” he adds
• “I think this is just a near term event, and you’ll see as the numbers come through,” he says
• NOTE: Payrolls at US Companies Fall by Most Since 2023, ADP Says

To contact the reporter on this story:
Alexander Pearson in Frankfurt at apearson50@bloomberg.net

To contact the editors responsible for this story:
Anton Wilen at awilen@bloomberg.net

Bryan Pietsch

© 2025 Bloomberg L.P. All rights ...