Story perspectives

ADP Halts Payroll Data Sharing, Impacting Fed Decisions

10/23/2025

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Summary

Story summary

Automatic Data Processing (ADP) has stopped sharing its weekly payroll data with the Federal Reserve, covering about 20% of U.S. private workers.
The pause followed remarks by Christopher Waller, a Federal Reserve governor, referencing the data publicly.
The data gap could influence the Federal Reserve's policy decisions at the October 28-29 meeting.
Jerome Powell, Chair of the Federal Reserve, has urged ADP to restore access, but no agreement exists.

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Story summary

Automatic Data Processing (ADP) has stopped sharing its weekly payroll data with the Federal Reserve, covering about 20% of U.S. private workers.
The pause followed remarks by Christopher Waller, a Federal Reserve governor, referencing the data publicly.
The data gap could influence the Federal Reserve's policy decisions at the October 28-29 meeting.
Jerome Powell, Chair of the Federal Reserve, has urged ADP to restore access, but no agreement exists.