The April payrolls data came as a shock to both markets and economists. Not only did headline payrolls disappoint by 750k jobs, the March number was revised lower. While this doesn’t meaningfully change the medium-term trajectory for the U.S. economy, it has acted as confirmation that the supply side is stretched at the moment. Especially as all the sur…
© 2024 Jonathan Turek
Substack is the home for great culture