by Karl Denninger
Market-Ticker.org
Caution: ADP is often 100% full of it compared to the BLS report, which is out Friday.
-301,000 is a recession print. What’s worse is that half of it came out of small businesses, roughly, with -144,000.
What’s especially nasty is that a huge part of it, about half, came out of Leisure and Hospitality. Most of the firing in January, such that it is, comes out of transportation (to some extent) and retail sales. Not this time.
Maybe mandates mean people drive or walk right on by and refuse to spend money. Hmmm…. yeah, that could be.