Unemployment rate stuck at 4.3%. Third month in a row.


The headline looks fine. 115K jobs added in April. Wall Street expected only 65K. A big beat on paper.
But dig one layer deeper. Wages grew just 3.6% year over year. Estimates were 3.8%. People are working but earning less than expected.
More jobs. Smaller paychecks. Less hours.
The Fed wanted to see a weak jobs number to justify cutting rates. They did not get it.
Strong on the surface. Soft underneath.
Rest. #DYOR
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