[ADP's 122K payroll growth](https://www.cnbc.com/2026/06/03/adp-jobs-report-may-2026-payrolls-increase-by-122000.html) is the headline everyone's celebrating. But here's what the market is missing: broad-based job growth without wage acceleration tells you consumer purchasing power is eroding, not recovering. That's a margin compression story for cyclical companies reliant on volume.

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