Hello, fellow rebel capitals. Hope you're well. So we had new jobs data come out today. It's not

the non-form payrolls. We're going to get that Friday. And I want to talk about that in a moment.

But we had the ADP numbers come out today. And wow, what a miss. In fact, I don't want to

explain it any further.

Let's get right into the headlines, and you guys will see what I'm talking about.

I want to shoot over to, well, let's go to the ADP website itself.

This PDF pretty much sums it up here.

So ADP National Employment Report, Private sector employment increased by 37,000 jobs.

You say, okay, well, that sounds pretty good.

37,000 is a lot, not in an economy with 350 million people.

So the next question is, well, what was the market expecting?

And let's shoot over to the Market Watch calendar.

I always like to use on these videos.

And we can see right here, ADP employment number.

Market was expecting 110,000.

Oh, you get the old Homer Simpson right there.

And last month got revised down from, I believe it is 62,000 to 60,000.

And then this month, a huge miss.

I mean, that is massive.

We go from 110,000 expectations down to 37,000. And who knows, that might even get

revised down next month. So another thing that I want to talk about today that piggybacks on this

extremely weak jobs report is the Fed's beige book. Maybe you can see that right here. That just

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