Employment Data Is not Bad News
Payroll employment rose a less-than-expected 160,000 in April, with marginal downward revisions to the last two months. Gains, however, were concentrated in some of the highest paid jobs in the professional and business services sector. Most of the surge in professional and business services was full-time, not temporary jobs, including college graduates. Much of that was due to increases in management and technical consulting hires, which include older as well as younger workers.