I just looked at the February ADP figures, and it's quite good. The market was expecting 50,000 job creations, but we ended up with 63,000. It's still the best performance since November 2025.

What interests me most is the comparison with January, when we only dropped to 22,000. So here we clearly see a rebound, and not a small one. The gap between 22,000 and 63,000 jobs is significant enough to say that the U.S. labor market is strengthening.

We'll see if this holds in the coming months or if it was just a correction. But for now, the data is positive.