When governments want to watch everybody's smartphone.

I'm David Brancaccio in Los Angeles.

It is odd to see a drop in the number of people drawing payrolls, but the ADP payroll

company and its research partners just reported that the payroll number fell by $32,000 in the

month just ended.

Susan Schmidt as portfolio manager at Exchange Capital Resources.

Most of these losses are from smaller businesses, so that under 50 employee business is really taking stock and just seems to have put a pause on hiring, not picking up new workers.

Larger businesses still doing okay seeming to add on workers.

All right. So if you don't like today's private sector jobs report, wait for the official

government data. But because of that government shutdown we had, it's been delayed for almost

another two weeks. That's right. It's going to come out on the 16th, but not particularly

helpful on the 16th. Remember that our Fed

meeting is next week. So the Fed likes to have that government data. That's a lot of what they look at

to see what they should do and get cues for them on how they want to handle interest rates. That's

not going to happen this time around. The government shutdowns impact lingers on.

It's going to make it a more difficult decision for the Fed who has to do something next week and

make a decision one way or the other about interest rates. Susan Schmidt at Exchange Capital

Resources. Thank you. Thank you. The bond market cheered fewer people working on the bet that

inflation might be reduced, bringing the 10-year interest rate down to 4.06% now.

About 20 minutes or so into the trading day, the S&P is down a 10th percent.

The NASDAQ is down 5 tenths of a percent.

The Dow has just gone flat.

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