The red line in the chart above is going to have to jump significantly if the June ADP number is to be believed. If it doesn't increase at least 200K, then the likelihood of a weakening in the jobs market rises, and that would not be good.
There is no indication of any fundamental deterioration in the labor market. Large corporate layoffs are just not happening.
Weekly unemployment claims continue to trend down. Based on claims, all looks quiet on the labor market front.