The ADP Employment Report showed that there was a gain of 365k jobs in the month of October, which was almost half the 643K expected, and the lowest print since July. The job gains came almost solely from the Services sector, which accounted for 49k. Bottom line, after losing 19.7M private sector jobs in March and April, we've since added back 9.6M according to ADP…which still leaves about 10M jobs to get back to pre-pandemic levels. Although we have been seeing gains, they have been slower than hoped for and anticipated.