Read the ADP internals, and things do not look so good. - Small biz (<50 FTEs): –120K. Mom and Pops getting decimated. This is a solid 1/3 of the private sector employment. - Construction and Mfg: –27K (cyclical sectors with high employment multipliers) - High-paying white-collar jobs (IT, finance, business services): –55K - Losses were partially offset by strong seasonal hiring in logistics and leisure (+14K) which will likely reverse after Jan, and in health/education (+33K) which is largely driven by increased govt spending (ie not a very productive sector)