Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Trader Strategy
Head of Macro Analysis
Summary: The latest ADP, which rose only 27k, was the first very worrying signal regarding the US labour market this year. The payrolls for May that have just been released tend to confirm that the jobs market is indeed facing negative pressure.