Perhaps the most appropriate reaction to the miserable jobs report Friday was “Oh,” tweeted by Pantheon economist Ian Shepherdson.
As the U.S. economy has shown signs of ramping up, consensus expectations for the April jobs numbers were high. But instead of the 1,000,000 new payrolls expected, only 266,000 new jobs were posted. A whopping miss. Now, the unemployment rate is 6.1% instead of the expected 6.0%, and last month’s jobs numbers were revised downwards as well, to 770,000 from…
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