The April Jobs Report, released on Friday, was well below expectations. It demonstrates the gap between Wall Street’s recovery and main street’s recovery.
- Only one fourth of the expected job growth was added.
- Instead of the unemployment rate going down, it went up to 6.1%.
In spite of the bad news, the markets barely reacted. The GDP rose 6.4% (annualized pace) in the first quarter. Economists will be waiting to see if May saves the day and reduces April to an anomaly.