LOVELY LABOR
05/05/2025 |
April net job growth came in solid at 177,000. Critically, monthly job numbers are for the pay period including the 12th and thus are for early April, at most two weeks after “Liberation Day.” They tell us nothing — good or bad – about tariff impacts. However, the labor market continues cooling. Average annual hourly earnings continued to weaken, and at 3.77%, are second lowest since covid, and Feb/March employment was revised down.