Big Companies Hire, Small Shops Sigh | S2 E092 | 11-05-25

Markets with Megan: A Quick Financial Markets Update · Nov 5, 2025 · 2m · transcript

We unpack October’s ADP payroll report during the record government shutdown and parse where hiring is actually happening. Large firms added jobs while small and mid-sized businesses shed workers, with most gains tied to services and AI-driven spending.

• October ADP report shows 42,000 private payroll gain

• Caution that one month does not set a trend

• Hiring concentrated in large employers, 500 plus

• Small businesses shed jobs in five of the last six months

• Service-producing sectors lead gains, AI spend likely a factor

• Limited official data due to the shutdown constrains visibility

•…