Hello, fellow, Rebel Capital. I hope you're well. So we had the big ADP payroll report come out

and it shocked even me. Let's go right over to CNBC. You guys haven't heard the news. You

probably guess what happened. We'll go over the details and then try to connect some dots

and figure out what this says about the U.S. economy. So private payrolls declined in September

by 32,000. And that's even a little misleading because we'll decline. I mean, last month they were, let's say, 54,000. So does that mean that this month there, you know, does that mean this month they're 22,000? No, it was actually a negative number, a negative 32,000. Okay, so private payrolls declined in September.

This is the headline I was talking about.

This is a little misleading.

And the actual number was a negative, negative 32,000 in key ADP report coming amid

shutdown data blackout.

So key talking points here, private companies shed seasonally adjusted 32,000 jobs. The biggest slide since March of

2023. And this report comes as they're doing this whole government shutdown. So, but I don't know that

that would really, I guess it would because those people might not be spending money,

those people that are going to be laid off, let's say, by the government. And therefore, that could impact private payrolls,

maybe next month because aggregate demand goes down. I think there's definitely an argument for that.

But what's, well, let's just keep going here because there's many interesting things to discuss.

So we've got that.

In addition, right here is where I'm reading, guys, in addition to the drop in September,

the August payroll number was revised to a loss of 3,000 from an initial reported increase

of 54,000.

So are you following what's happening here?

We've got a negative 34,000, which could be revised. I didn't even know that they revised

the ADP numbers. Huh. Well, news to me. So we had a revision from 54 down to 3,000, excuse me, a negative 3,000, in addition to a headline number

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