Morning Business Report: Private sector job cuts rise as hiring slows; Trump says new Fed chair pick coming in 2026

A new private-sector jobs report from ADP shows 32,000 job cuts in November, with the steepest declines hitting small businesses.

(LILAMAX)- A new private-sector jobs report from ADP shows 32,000 job cuts in November, with the steepest declines hitting small businesses. Commerce Secretary Howard Lutnick says the ongoing government shutdown has slowed hiring — and that mass deportations of undocumented immigrants also suppressed job growth.

President Trump says he expects to choose a new Federal Reserve chair in early 2026. He says he began with 10 candidates and is now “down to one.” National Economic Director Kevin Hassett is widely considered the front-runner. Economists say Hassett would likely pursue more aggressive interest-rate cuts, a move that could spark a housing boom.

A new Yahoo Finance/Marist “My Money” poll finds one in three Americans say their financial situation declined in 2025, though more than half are satisfied with their savings. The survey shows 78% know their credit score and 58% know their net worth. Financial optimism varies by gender: 36% of men say their finances improved this year, compared to 18% of women.

And with the holidays approaching, it seems adults are feeling the magic, too. A Talker survey for Lowe’s finds 55% of parents get just as excited as their kids about opening presents. That excitement often leads to missed calls, unread texts, and cold coffee as parents stop everything to assemble gifts. Children say their top joys of Christmas are gifts — followed by holiday lights, food, and time off from school.