So much for the estimates. 

Welcome to the Know the Difference Minute.

The ADP report of private employers today missed estimates by a mile as US companies unexpectedly cut jobs in January for the first time in a year. Economists predicted 207,000 jobs added. Instead, there were over 300,000 jobs cut, over half in leisure and hospitality.  

We’ll have new weekly unemployment claims tomorrow before the more closely watched January jobs number from the Labor Department on Friday.  No one is holding their breath and it’s not expected to be good; the early expectation was for only 150,000 jobs added. But the White House is already warning of the possibility of a negative number and if Goldman Sachs is correct, we could see a decline of 250,000 jobs. 

Can’t blame anyone who’s confused. 4.3 million quits but 11 million open jobs. And a 3.9% unemployment rate.

I’m Dave Spano from Annex Wealth Management.  That is your Know the Difference Minute.