Crypto News: ADP Cuts Fed’s Data Feed After Waller Speech Shakes Privacy Lines

ADP halts weekly payroll data sharing with the Fed after Waller’s speech disclosed their private data partnership.

Automatic Data Processing (ADP), the largest private payroll processor in the United States, has stopped sharing its proprietary weekly payroll data with the Federal Reserve. 

The decision ends a long-standing data stream that had helped the central bank monitor employment trends in near real-time. The change comes at a time when the Fed faces additional data shortages due to the ongoing government shutdown.

Fed Relied on Weekly ADP Data to Track Employment Trends

The dataset provided the Fed with weekly updates on private payrolls, covering roughly 20% of the U.S. workforce.

This near real-time data helped officials bridge gaps between official monthly labor reports. It was considered a valuable tool for tracking labor market conditions, especially during periods of uncertainty.

Fed officials used the ADP data internally, without it being made public.

According to a speech by Fed Governor Christopher Waller, this private dataset helped build a “measure of weekly payroll employment.” His comments made during an August 28, 2025, event appear to have triggered ADP’s decision to halt the data feed.

ADP Ends Data Sharing After Public Disclosure by Fed

ADP acted quickly after Governor Waller publicly referenced its internal partnership with the Federal Reserve. The firm cited privacy and competitive concerns following the disclosure. ADP has not commented beyond confirming that the weekly data will no longer be shared with the central bank.

While ADP continues to publish its monthly National Employment Report, created in collaboration with Stanford’s Digital Economy Lab, the weekly dataset is no longer available.

The report remains a public-facing summary of job market trends but lacks the frequency and detail of the now-discontinued weekly data.

Fed Pushes for Reinstatement Amid Data Gaps

Fed Chair Jerome Powell has reportedly contacted ADP urging the company to resume sharing the data.

However, there has been no confirmation of any agreement or progress toward restoring access. The request reflects the Fed’s concern about losing access to a major source of timely labor market information.

The loss of this dataset coincides with a government shutdown that has already paused the release of other key economic reports. This double disruption limits the Fed’s ability to assess job market changes, which are critical for making informed policy decisions.

There is no timeline for when the ADP data feed may resume, if at all.

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