APRIL ACTIVITY

After four months of larger than expected monthly job growth, April employment grew 175,000, it’s fourth lowest gain since 1/21. This pushed the unemployment rate up to 3.9%, Y-o-Y wage growth down to 3.9%, and the workweek also softened. All this suggests the labor market is cooling, which is good, but a month isn’t a trend, inflation remains too high, and the Fed won’t change course due to one report.