📰Game in an era of uncertainty: Analyzing the three underlying logics in the U.S. April employment report

U.S. non-farm employment slowed to 115k in April, indicating demand-side fatigue under energy shocks and high interest rates.
The data reflects that the labor market is at a critical point between the illusion of "full employment" and the shadow of "stagflation,"
#FederalReserve under the dual constraints of fighting inflation and preventing recession, with increasingly limited policy space.