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.