How's the US private job market really doing right now?

Take a look at the latest ADP payroll figures—they show private sector hiring averaged +11,500 jobs per week over the four weeks leading up to December 6th. That's three straight weeks of payroll growth, which sounds decent on paper.

But here's the catch: compare that to the +17,500 weekly average from late November, and you start seeing the slowdown. The momentum is clearly cooling. When employment data softens like this, it usually ripples through broader economic sentiment—and we all know macro conditions don't stay isolated from crypto markets for long.