Wednesday, November 5, 2008

Election Hangover

Nothing changes on Election Day....well, some things don't.

ADP released their monthly estimate for changes in payroll. Using a simple regression, it points to a drop of 143,000 for the non-farm number on Friday.

Also, the ISM Non-Manufacturing number was released: 44.4 for October. New orders down, employment down, inventories too high, this was a bad report.

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