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| Rezoned development around a suburban transit hub. Image via New Jersey State League of Municipalities. |
Happy beginning-of-the-month Freaky Friday, when the Bureau of Labor Statistics releases last month's job numbers and we sit down to play another round of Good News is Bad News:
I'm looking at this jolly message
Holy moly, we've got another one!
— Justin Wolfers (@JustinWolfers) May 5, 2023
Payrolls grew a huuuuuge +253k in April, well above market expectations. There's no hint of any sort of labor market slowdown in these numbers. Other indicators had been hinting at a slowdown, but these are more reliable.
and instead of smiling, I'm instantly telling myself ruh-roh, Fed's gonna keep pushing those interest rates up. Bad News! But wondering, can't you let it be Good News for a change, just the one time?
