Projected 693,000 Jobs Lost in US for December.

The Fed releases its figures for jobs lost in December on Friday.

''U.S. private-sector employers shed 693,000 jobs in December, a private employment service said Wednesday in a report that was far worse than expected and pointed to more ugly news from the government’s jobs data due later this week.

The drop, much bigger than the revised 476,000 private sector jobs lost in November, is consistent with about a 670,000 fall in December non-farm payrolls, said Joel Prakken, chairman of Macroeconomic Advisers, which jointly develops the private sector employment report with ADP Employer Services.’’

Holy Crap.

Whats that about large number being meaningless?

That was ADP employment numbers, not the Fed. The ADP numbers have been a bit random in the past, so it can be a little dangerous to read anything into them. Unless they are unexpectedly positive in which case it’s time to smack the rally monkey.