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March ADP Report and more +3


Welcome to the second quarter.  It starts with the March ADP report coming in at +62K jobs and pay gains steady at +4.5% YoY.  The former number is well above expectations around +40K, with small businesses more than offsetting declines from larger employers.  This seems consistent with the initial stabilization this service forecast with the prior report ahead of AI-driven adjustments to the labor market.

Trump has scheduled an address to the nation on Iran for 9PM tonight as hostilities continue throughout the Middle East.

Don't forget that markets will be closed on Friday.