April's survey takes on extra-huge political consequences because the unemployment rate and the number of jobs created are easily understood (easily distorted as well). As usual, economists haven't a clue - the 120,000 jobs created in March was way lower than anyone anticipated. For what it's worth, the current consensus is for a gain of 160,000 jobs, and the unemployment rate holding steady at 8.2 percent. More than anything, the monthly employment report is an opportunity to affirm or negate existing narratives - in this case, the notion that job growth in the U.S. slowed in April and could mean trouble for the overall economy. Based on other reports coming in the past few weeks, there is some evidence of a hiring holdup, but not to the point where it will seriously impact growth. For whatever that's worth.
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