Jobs data, a clear moderation/Refunding news, 10 yr yield at low of day

ADP said a net 113k private sector jobs were created in October, 37k below expectations and vs 89k in September and 180k in August. Small and medium sized businesses did most of the hiring with the majority coming from those companies that have 50-499 employees. That was the case in the prior few months too where large companies did not add much.

The service sector contributed 107k of the jobs vs 81k in September and 154k in August. Education/health continues to be the most steady sector with respect to hiring and was followed in October by trade/transportation/utilities, financial activities and leisure/hospitality. Jobs of 10k were lost in professional/business services and there was zero net job change in information, which includes tech.