Labor Market Shows Surprising Strength In April – What’s Going On?

Before this morning’s BLS jobs report, all indicators were suggesting some slowdown in the labor market.

The job vacancy rate had slipped to 5.8%, down from its peak of about 7% last year. Unemployment Insurance claims over the past several months have been creeping up, along with reports of rising layoffs. Economists had expected payroll growth to dip under 200,000.