The weekly data from ADP is turning into a market mover.

The initial report showed a healthy +14,250 jobs but skip ahead two weeks and it’s now showing a drop of 11,250K per week on average for the past four weeks.

That should translate into a poor reading, though ADP itself reported +42K jobs in October. I’m not sure how to square that but today’s ADP release said the labor market struggled to produce jobs consistently during the second half of October.