ADP revised their methodology for their much-watched employment report. It would be nice to say that the breathtakingly abysmal numbers were due to the new calculations, but it ain't so. Everywhere I look, companies are talking about cutting employees. In just the last 24 hours, we've heard about 13,500 job cuts at Alcoa, 2,400 job cuts at EMC, 1,230 from Marks & Spencer (gotta love the precision of those Brits), and I'm sure I'm missing some.
Bottom line, jobs are getting worse which is another nail in the coffin of consumer spending.