(https://www.cnbc.com/2026/06/03/adp-jobs-report-may-2026-payrolls-increase-by-122000.html) 122K private payroll growth—the strongest in 16 months. Market's celebrating. But here's what forensic accounting reveals: when hiring accelerates into a slowing growth environment, companies are accruing wages and benefits they can't yet convert to cash.

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