
Strong Jobs Gain, Yet Supply Gaps Cloud Market Rally
April payrolls rose 115,000 with unemployment at 4.3% and wages up 3.6%, even as labor-force participation falls and the labor share of income hits a record low; markets hit new highs on earnings and tech leadership, but El-Erian warns a geoeconomic ceiling could emerge if energy tensions persist and inequality worsens. Consumer confidence is at a record low despite spending, and the Fed is expected to hold rates for now with Warsh taking the helm while Powell stays on the board.












