"Late-cycle" or not, the US jobs market - according to ADP - is firing on all cylinders as for the fourth month in a row, employment rose over 200k (+241k in March vs +210k exp).

Mark Zandi, chief economist of Moody’s Analytics, said, “The job market is rip-roaring. Monthly job growth remains firmly over 200,000, double the pace of labor force growth. The tight labor market continues to tighten.”

All sub-cohorts (except education) saw job gains...

All industries gained

As a reminder, since President Trump's election, ADP has consistently 'beaten' the government's official payrolls print - an entirely different regime from the previous administration.