We got weekly jobless numbers from ADP and Steve Leeman's got those numbers and a special guest. Good morning, Steve. >> Good morning, Andrew.ADP reporting it is preliminary weekly change in payrolls for the week ending November 8th. The four-week average of weekly jobless ch job changes declining by 13,500 per week. Worse than the prior week, which was actually revised down from -2500 to -7,500.This is a new data series and subject to revision. We're figuring how to work with this. A lot of volatility.The ...

Labor Market Overview - The labor market is showing signs of stabilization, potentially indicating that the negative impact on payrolls was short-lived [1] - The recovery is tepid and slower compared to earlier in the year, suggesting cautious optimism rather than a full restoration of robust job gains [2] - Timing is crucial in understanding the complex and fast-moving labor market [2] Employment by Firm Size - Large companies account for a quarter or less of U S employment, highlighting the importance of small firms [3] - Most U S workers are employed by small firms, emphasizing the need to pay attention to this sector [3] Sector-Specific Trends - The services sector and manufacturing are still experiencing contraction in employment [4] - Trade, transportation, and utilities are showing job gains [4] - Healthcare is a strong and acyclical sector, driven by the aging population and increasing demand for healthcare services [4][5] - Leisure and hospitality are a concern, as hiring numbers in this sector are not as resilient as before [5][6] Economic Concerns - Consumer resilience has been fueling the economy, but a decline in resilience in the leisure and hospitality sector is a concern [6] - Announcements of cuts in big companies eventually trickle into the labor market [4]

We do have a big number coming up right now though. ADP private payroll data just hitting the wires and Steve Leeman is here with those numbers. Steve, uh minus 32,000 uh versus an estimate of 45,000.Put an asterisk on that. We're going to explain why that's lower than expected. In just a second, the good sector down 3,000, the service sector down 28,000, the non-farm payroll for Friday is 51,000.Now, this number here that you saw was a result in part of ADP incorporating those recent big revisions from the ...