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Main Street Macro

ADP chief economist Dr. Nela Richardson gives her take on what’s happening in the labor market and the broader economy. 

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A large blue upward-pointing arrow on the left and a large red downward-pointing arrow on the right are formed by hundreds of small human figures standing together.

Education and health services led the slowdown.

October 27, 2026

For the four weeks ending Oct. 25, 2025, private employers shed an average of 11,250 jobs a week.

November 11, 2025

How slow is too slow?

Imagine an economy that, for decades, had no growth. These days, the concept of sustained growth is considered commonplace. But it wasn't always this way.

October 21, 2025

Creative destruction in the age of AI

In 2025, the differential between the bottom and the top quartile of earners was nearly 530 percent, a record in ADP data going back to 2019.

September 23, 2025

The pay gap is getting bigger

Last week delivered new evidence that employment has slowed. But there’s more to the job market than the pace of hiring.

September 9, 2025

Behind the big picture
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Nela Richardson, Ph.D.

Chief Economist, ESG Officer, and head of ADP Research

Dr. Nela Richardson is chief economist and ESG officer for ADP Inc. She also leads the independent team at ADP Research, which provides reliable and timely data-driven discovery for use by the public, business leaders, and policymakers. 

About Nela