Summary

• The jobs report showed a gain of 115k jobs for the month of April.
• Over the last twelve months, jobs have been revised down by about 73k per month.
• While the Headline Report is a modestly weak number for an economy the size of the US, the rest of the data points show that the real number is far weaker.

Originally published on May 11, 2026

The analysis below covers the Employment picture released on the first Friday of every month. While most of the attention goes to the Headline Report, it can be helpful to look

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