More Data On Weakening Job Market 11/18/25

Summary

Podcast Summary: Your Money Minute — "More Data On Weakening Job Market"

Host: Jessica Ettinger (CNBC)
Air Date: November 18, 2025
Episode Length: ~1 minute

---

Main Theme

This episode dives into fresh ADP payroll data, showcasing a continued slowdown in the U.S. job market. CNBC’s Jessica Ettinger provides a concise overview, supported by insights from economics reporter Steve Liesman and the Conference Board’s Steve Odland. The discussion addresses both real employment trends and misconceptions around AI’s impact on jobs.

---

Key Discussion Points & Insights

1. ADP Payroll Data Signals Labor Market Weakness

• ADP’s four-week moving average:
  • The private sector jobs report shows an average monthly drop of 11,000 jobs over four weeks.
  • Quote (Steve Liesman, 00:27):

    “So that would equate to a month on month change of minus almost 44, 45,000.”

  • This suggests a sustained negative trend in job creation.

2. The Government Shutdown’s Effect on Official Data

• Jessica Ettinger notes that government labor data has been unavailable due to the shutdown.
• CNBC has relied on alternate sources (like ADP and Conference Board) to monitor employment trends.

3. Artificial Intelligence: Perception vs. Reality

• Debunking AI Job Loss Fears:
  • Steve Odland, Conference Board, challenges the narrative that AI is stealing jobs.
  • Quote (Steve Odland, 00:46):

    “Everybody's using AI in the mix here because it sounds good. There's very little evidence that AI has taken anybody's job yet.”

• AI in the Economy:
  • Fast Company suggests the current reduction in jobs is linked more to changes in corporate spending (including on AI tools and tech) than to AI replacing workers directly.

---

Notable Quotes & Memorable Moments

• Steve Liesman on ADP Data (00:27):

  “So that would equate to a month on month change of minus almost 44, 45,000.”

• Steve Odland on AI and Job Loss (00:46):

  “Everybody's using AI in the mix here because it sounds good. There's very little evidence that AI has taken anybody's job yet.”

---

Timestamps for Important Segments

• 00:00–00:11: Jessica Ettinger introduces ADP’s jobs data and the context (weak job market).
• 00:11–00:27: Steve Liesman explains the scale of the job decline.
• 00:32–00:55: Discussion about the government data gap and perceptions of AI’s role in job loss, with input from Steve Odland and a reference to Fast Company.
• 00:55–01:09: Jessica Ettinger wraps up with further resources for learning about the labor market.

---

Episode Takeaway

The latest ADP data confirms a weakening employment picture in the U.S., with notable drops in private sector job creation. The episode emphasizes caution in blaming technology like AI for job losses, citing a lack of concrete evidence and highlighting the greater influence of economic conditions and spending shifts. Listeners are encouraged to seek out more detailed coverage at CNBC.com.

Transcript

[A]

With a CNBC YOUR Money minute. I'm Jessica Ettinger. More data showing a slowing job market. This is from payroll company adp out with a four week moving average report.

[B]

Not a good one. This is down 11,000. The four week moving average of private sector job creation in the ADP preliminary report down 11,000 on average over the four weeks.

[A]

CNBC senior economics reporter Steve Leesman.

[B]

So that would equate to a month on month change of minus almost 44, 45,000.

[A]

CNBC has been compiling alternate job data for weeks since no numbers came from the government during the shutdown. And the conference board's Steve Odlin says you can't blame artificial intelligence directly for stealing American jobs.

[C]

It's a weakening labor market. Yeah. I mean, everybody's using AI in the mix here because it sounds good. There's very little evidence that AI has taken anybody's job yet.

[A]

But as Fast Company points out, AI may not be taking people's jobs, but AI spending could be. There's a lot more on the Labor Market. @cnbc.com I'm Jessica Ettinger. CNBC.

[D]

Introducing FidelityTrader Plus. With customizable tools and charts you can access across all your devices. Try our most powerful trading platform [e-mail] trader+ investing involves risk, including risk of loss. Fidelity Brokerage Services LLC Member nyse, SIPC.