According to @KobeissiLetter, ADP’s high-frequency weekly data show US private employers cut an average of -11,250 jobs per week in the four weeks ending October 25, totaling -45,000 and marking the second-largest four-week drop since 2020 (source: ADP weekly data via @KobeissiLetter). This contrasts with ADP’s monthly October report indicating +42,000 private payroll gains after declines in the prior two months (source: ADP monthly via @KobeissiLetter). Goldman Sachs estimates overall October payrolls fell by -50,000, highlighting a softer labor impulse than the ADP monthly print suggests (source: Goldman Sachs via @KobeissiLetter). The Kobeissi Letter characterizes the trend as accelerating downward momentum in the US job market, a macro signal closely monitored by risk-asset traders, including those in BTC and ETH, for liquidity and rate-path cues (source: @KobeissiLetter).