US private sector job growth slows for fourth straight week
A steady slide since spring
The week-by-week decline has been consistent. Weekly job additions averaged 30,750 in early June, then fell to 24,250, 21,000, and 19,250 before dropping to the current 16,500 reading.
That is a 60% drop in US private sector job growth since the peak in early May.
The NER Pulse is produced by ADP Research in collaboration with the Stanford Digital Economy Lab. It uses a four-week moving average of ADP’s high-frequency payroll data, seasonally adjusted with a two-week lag. June’s ADP miss had already added to the case for an extended Fed hold in 2026 – this latest reading deepens that picture.
Weekly jobs added: US private sector, May–July 2026
Source: ADP NER Pulse, July 22, 2026 · Four-week moving average, seasonally adjusted · Produced with Stanford Digital Economy Lab
What it means for mortgage brokers
For loan officers and mortgage brokers, US private sector job growth is not just a macroeconomic headline. It is one of the most direct signals of borrower health and pipeline activity.
A robust labor market supports purchasing confidence. Borrowers with stable employment are more likely to qualify, more willing to commit, and less likely to withdraw from transactions.
