QQQM - Closing The Books On 2020 Didn't Close The Books

• ADP let the cat of the bag on Wednesday when the payroll processing provider announced it believed the level of private employment had declined in December 2020.
• Since it wasn't likely to have been wildly inaccurate, it set the stage for a renewed negative number in the main government payroll report released Jan. 8.
• With renewed COVID restrictions (overreactions) being set in place, the majority of any job losses was predictably concentrated in the leisure and hospitality industry.
• The real issue is the whole rest of the economy (including those states which haven't given a second look to lockdown measures) isn't making up for it.

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