ADP released their employment report, showing that there were 278,000 job creations in the month of May, which was far stronger than the 180,000 expected. Last month's figure of 296,000 was revised slightly lower to 291,000 Looking at the sectors, Leisure and Hospitality led the gains once again, adding 208,000 jobs. As we mentioned previously, those gains may be coming to an end soon – In April of 2019, there were 16.2M employees in the sector, and with today’s report, there are now 16.5M…meaning we have eclipsed where we were in April pre-covid. There is likely not much more in the way of job gains from the sector that has been adding the most job creations each month. ADP also reported that annual pay for job stayers increased 6.5% year over year, down from 6.7% in the previous report. Job changers saw an average increase of 12.1%, down from 13.2%. While these figures are still high, they have been moderating and showing lower wage pressured inflation, which the Bond market liked.