The Big Picture - Macro Perspective on the Capital Markets, Economy, Technology, and Digital Media

Macro Notes

ADP said the private sector shed a net 203k jobs in Oct, a touch more than expectations of a drop of 198k. It is though the smallest amount of job losses since July '08 but is now running 21 straight months. Sept was revised up by 27k to a loss of 227k. The goods producing sector lost 117k jobs, 65k of which was in manufacturing. The service sector shed 86k jobs. As has been seen, small and medium size businesses have mostly led the job cuts. Construction jobs fell by 51k and total job losses in this industry is now...