(an interoffice email)

> ADP came in higher than expected and caused most dealers to raise their
> payroll forecasts.
> Productivity revised UP to 6.3% vs 4.9%preliminary. Unit Labor Costs revised
> to DOWN 2% vs. -0.2% preliminary.
> ISM Non-Manuf, Nov — slips to 54.1 vs. 55.8 prior, weaker-than-forecast.

still expanding

> Prices rose to 76.5 vs. 63.5,

inflation risks increasing

> Employment falls to 50.8 vs. 51.8,

still expanding

> New Orders
> slipped sharply to 51.1 vs. 55.7.

still expanding

> Bank of Canada cut rates this morning citing a soft outlook for US housing.

worried about their currency being too strong and losing demand to the US

> Fannie Mae cut it’s Quarterly dividend and announced it will be issuing
> preferred securities.

no business interruption

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