Hey Joe! Where is the strongest jobs recovery in history??
.. and a huge miss to estimates of 240K… in fact, as shown below, this was the biggest miss since Dec 2021
The weakness was pervasive, and while payrolls were a huge miss, the unemployment rate also rose more than expected, from 3.8% to 3.9%, vs estimates of an unchanged print.
Wages also eased back with average hourly earnings rising 0.2% MoM, below the expected 0.3% increase and down from last month’s 0.3% print. On an annual basis, earnings rose 3.9%, down from 4.1% last month and below the 4.0% estimate.
Where were the jobs added? Health care and social assistance with 87k jobs added.
Speaking of government, rate government unemployment rate fell 1.2% in April.
The lousy jobs report sent odds of a Fed rate cut soaring.
“C’mon Jay, cut rates for me!”
Confounded Interest - Anthony B. Sanders 
You must be logged in to post a comment.