Keith Grinstein founded Second Avenue Partners, and former McCaw dealmakers Scott Anderson and Scot Jarvis formed their own venture shop, Cedar Grove.

FORBES: The McCaw Mafia

"What this is saying is that the sector is contracting at a slower pace than what it was before, " said Scott Anderson, senior economist at Wells Fargo.

BBC: Factory

"This is an extremely troubling labor-market report, given how strongly stocks have rallied and how much expectations have been lifted with optimism around the consumer and housing, " said Scott Anderson, economist at Bank of the West.

WSJ: Economy Adds 88,000 Jobs