ADP released their employment report, showing that there were 242,000 job creations in the month of February, which was stronger than the 200,000 expected. Additionally, January was revised higher by 13,000 from 106,000 to 219,000. Looking at the sectors, Leisure and Hospitality led the gains once again. But those gains may be coming to an end soon – During Covid, there were roughly 10M Leisure and hospitality jobs lost, and we have been adding around 100k each month during the recovery. But we are now close to getting back to trend pre-pandemic, which means there may not be much more in the way of job gains from the sector that has been adding the most. ADP also reported that annual pay for job stayers increased 7.2% year over year, down from 7.3% in the previous report. Job changers saw an average increase of 14.3%, down from 14.9%...but it’s down 1.1% from the originally reported number of 15.4% last month before the revision. The slowing of wages increases is helping Bonds a bit this morning.