Pantheon Macroeconomics

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US Publications

Below is a list of our US Publications for the last 5 months. If you are looking for reports older than 5 months please email info@pantheonmacro.com, or contact your account rep

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Datanotes Daily Monitor Chartbook

4 December 2025 US Monitor Private payrolls probably holding up better than ADP's data suggest

  • ADP’s numbers have considerably understated the initial official estimates of private payrolls this year. 
  • Reliable surveys suggest an initial private print of 75K-to-100K in November, still too soft for comfort. 
  • A raft of indicators point to consumer weakness in Q4. We think spending will rise by only around ½%.
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Keywords for: U.S. Documents

U.S. Document Vault, independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence,