The U.S. economy added 263,000 jobs in April as the unemployment rate fell to 3.6%, a half-century low, the Labor Department reported on Friday. The headline jobs numbers looked stellar, but the jobs report looked pretty lousy below the surface. Wage growth came in on the soft side for a second straight month, even as workers clocked fewer hours. So why did the Dow Jones and broader stock market add to modest stock market gains after the April jobs report?

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Wall Street may have dismissed the bad news as a likely statistical quirk. Or else, investors celebrated the not-too-hot report as welcoming for Goldilocks — and a dovish Fed.

The bottom line for any jobs report is the aggregate change in weekly pay.

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