Some further thoughts on today's employment report. First, many of us thought that a fairly fast recovery was quite possible, and that we would see a bounce next month. It's just a bit sooner than expected 1/
I assume that there will be a lot of thought among business forecasters about why they were so negative for May despite a variety of data suggesting that we leveled off in April. Fighting the last war? 2/
But my take on this surprisingly good report is to mark my expectations of where we'll be later this year DOWN, for two reasons. First, it will encourage Republicans to let emergency relief expire, yanking the rug out from under workers 3/
Second, it will increase the pressure for quick relaxation of social distancing, raising the chance of a second wave of Covid-19 4/
