In addition to the no-surprise explanation of the "tax cut" not being an actual cut at all for most people and the uptick in household interest payments (likely driven by student loans and increased housing prices in many markets), the key takeaway quote for me is:
"two-thirds of April’s new jobs were generated in lower-wage services industries such as administration and support services, health and social services, leisure and hospitality, among others. The flip-side of this dynamic is that high-paying job growth has been nearly halved to 1.6 percent since peaking in 2015."
I've been trying to explain to people for years now that reduction in unemployment does not mean people are getting good jobs, it just means people are getting a job that employs them "full-time" with or without benefits, livable salary, etc. The data here supports that: "good" job growth is far outpaced by low-quality job growth.
"two-thirds of April’s new jobs were generated in lower-wage services industries such as administration and support services, health and social services, leisure and hospitality, among others. The flip-side of this dynamic is that high-paying job growth has been nearly halved to 1.6 percent since peaking in 2015."
I've been trying to explain to people for years now that reduction in unemployment does not mean people are getting good jobs, it just means people are getting a job that employs them "full-time" with or without benefits, livable salary, etc. The data here supports that: "good" job growth is far outpaced by low-quality job growth.