Seasonal Speedbump

The US economy created 266,000 seasonally adjusted jobs in April, well below the one million expected! Unadjusted, employers have created over one million jobs for three straight months. With most other labor numbers looking good, this suggests that seasonal adjustment for school, holidays, and vacations may be pointless in a pandemic. Also, the labor market is a lagging economic indicator. This is a data speedbump on the road to recovery.