April’s employment report had lots of good news for the labor market. Ed & Elias discuss some of the news that seemed to be bad but really wasn’t on closer inspection. In their view, the April jobs report amounts to a vote of confidence in the narrative that the labor market is stabilizing and may even be improving without boosting inflation. Meanwhile, retiring Baby Boomers are weighing on wages, payroll employment, disposable income, and the personal saving rate. But they are boosting consumer spending by spending their substantial net worth. … Incoming Fed chair, Kevin Warsh is likely to find that the majority of his FOMC colleagues will want to eliminate the easing bias in the committee's next statement.
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