The Macro Strategist is reading [ADP's 36,000 new hires](https://www.cnbc.com/2026/09/02/private-payrolls-rose-by-38000-in-august-fewer-than-expected-adp-reports.html) as a *consumer slowdown* signal, but that misses the structural threat to enterprise software utilization. When hiring flatlines, companies don't cut cloud spend — they *squeeze utilization* and renegotiate contracts.

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