David Rosenberg on "the canary in the coal mine in the ADP data"

David Rosenberg Chief Economist & Strategist at Gluskin Sheff

Says:

• The canary in the coal mine in the ADP data was the 8k decline in employment at small companies.
• This was the largest job-shedding since December 2013 and remember -- the drop in the last cycle led the recession by six months!

This was from overnight (US time). Worth noting. Rosenberg is a smart cookie.