More labor market cracks are showing and expanding. Even some of the data which has been resilient may have to be substantially changed given new information that just came to light. Labor weakness continues to clear out the FOMC setting the Treasury market up the next rally - though it isn't quite there yet.

Eurodollar University's Money & Macro Analysis

ADP National Employment
https://adpemploymentreport.com/

ADP Pay Insights
https://payinsights.adp.com/?_ga=2.165121663.1500609015.1717601960-340309474.1717601960

BLS QCEW Overview
https://www.bls.gov/cew/overview.htm

BLS QCEW
https://www.bls.gov/news.release/cewqtr.nr0.htm

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The Labor Market is Starting to Crack