May’s payroll surprise masked weaknesses that could make the rebound a ‘head fake’

May’s payroll surprise masked weaknesses that could make the rebound a ‘head fake’

To paraphrase Mark Twain, reports about the labor market’s recovery may be greatly exaggerated.  The U.S. is undoubtedly in the throes of a deep recession fomented by the coronavirus pandemic. Yet Friday’s nonfarm payrolls report showed employers added a stunning 2.5 million jobs in May — a shock to the system for a market convinced […]