Taking a little poetic license to change Dinah Washington’s “What a Difference a Day Makes” to ‘”what a difference a month makes” and we have a spot-on theme for the April jobs report. Recall that the March report indicated the economy added a scant 20,000 jobs in February. This month, the report showed a 196,000-job gain, which is much more in line with the previous several months in which new jobs averaged over 250,000 per month. Even the 20,000 number for February increases was boosted in the first revision to 33,000. Still an outlier, but movement in the right direction.
While the headline number looks good, a dive inside raises an eyebrow or two. The overall goods-producing sectors –