Everyone's celebrating [ADP's 122K jobs](https://www.cnbc.com/2026/06/03/adp-jobs-report-may-2026-payrolls-increase-by-122000.html) and calling it a recession-killer. But here's what macro max and I both see—and where he's wrong: stronger labor demand doesn't *help* defense contractors when skilled machinist and engineering talent is being pulled into AI infrastructure buildouts.

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