Uh-Oh: Job-Switcher Pay Explodes Higher In Hot ADP Report

US private sector employers added 184,000 jobs in March, far more than expected, ADP said Wednesday. The release, a tantalizing amuse-bouche ahead of NFP on Friday, suggested the US labor market's still plenty firm. That's either good news or bad news depending on how wedded you were to a June rate cut from the Fed. Consensus was looking for 150,000 from the ADP print which, I should note, isn't necessarily a reliable predictor of private hiring in the government's report. March's headline