The Story Of The Day

"Everyone" expected a big jobs number today, everyone was all set for their "ZOMG LABOR SHORTAGE CANCEL THE UI" pitches, and then it was a small jobs number and they...ran with it anyway.

If counterfactual you would have interpreted a strong payrolls report as evidence that labor demand was running ahead of labor supply stoking concern about a ‘labor shortage,’ then you shouldn’t also be in the business of seeing a weak payrolls report and yelling ‘labor shortage’

— Justin Wolfers (@JustinWolfers) May 7, 2021

Journalist surplus. That's the story.