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Wednesday, January 05, 2011

ADP Employment Change: Survey 100k Actual 297 Prior 93 Revised 92

Interesting that the majority of the hiring came from small and medium businesses, whereas the
majority of the firing came from this same group in 2008.

Small Firms (1-49 EEs) Medium Firms (50-499 EEs) Large firms (>500)

200

100

-100

-200

-300

-400
1/1/2007
3/1/2007
5/1/2007
7/1/2007
9/1/2007

1/1/2008
3/1/2008
5/1/2008
7/1/2008
9/1/2008

1/1/2009
3/1/2009
5/1/2009
7/1/2009
9/1/2009

1/1/2010
3/1/2010
5/1/2010
7/1/2010
9/1/2010
11/1/2007

11/1/2008

11/1/2009

11/1/2010
There was no indication at all in the December statement of the recent improvement in
economic data. This was seen as a significant omission by investors and reporters, who had grown
excited about falling unemployment claims and strong retail sales. The minutes reveal that: i.) Yes,
FOMC did see and do expect stronger economic activity, but ii.) not strong enough to change the course
of QE. Indeed, the Fed acknowledged market expectations for QE2 were already being dialed back,
which suggests the Fed is intentionally trying to counter these expectations. – FTN Financial
Americans were, on average, happier and less stressed in 2010 than they were in 2009. Holidays
brought about the happiest days of the year, while negative news, including a dour economic prediction,
severe flooding in the Midwest, and the Chilean miner saga, coincided with the most
stressful/worrisome days. – Gallup
Banks imposing new fees on customers to make up for revs lost as a result of Dodd-Frank; debit
cards are a bit focus point w/some banks considering imposing $25-30 annual fees on the cards and also
limiting the amount of purchases per month and the size of each transaction. Fees on checking
accounts and other products also are on the rise. – WSJ