The unemployment is at a 49-year low -- but for the 'wrong reason':
Here’s what economists are saying about the April employment data, showing a stronger-than-expected 263,000 new jobs created and the unemployment rate dropping to 3.6%. U.S. stocks DJIA, +0.55% looked set for a stronger start.• Carl Tannenbaum of Northern Trust said it looked like a “goldilocks” performance, with strong payroll growth but modest year-over-year wage gains.
• Minneapolis Fed President Neel Kashkari weighed in with a brief tweet, consistent with his belief that the Fed should do more to encourage the jobs market.— Neel Kashkari May 3, 2019 • Jared Bernstein, former adviser to Vice President Joe Biden, also noted the unemployment rate fell for the “wrong” reason.
• Joseph Brusuelas of RSM said there’s no case for the Federal Reserve to cut or increase interest rates following Friday’s report. He also called wages disappointing but began his tweets by saying “Boom!” and noting the strong headline number and drop in jobless rate.
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