The Bright Side of Worst Employment Report Ever

This morning, the release of the April employment report brought both shockingly bad data and a sense of relief that it wasn’t any worse. Employers released 20.5 million American workers in April, a number completely unthinkable when the year began, but somehow not so terrible considering the median forecast was for non-farm payroll losses of 22 million. Considering that most economists are simply guessing at this point, the miss should have been irrelevant, but equity investors are focusing more on the 1.5 million that apparently held onto their jobs than the 20.5 million who lost theirs.

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