Gauging U.S. Economic Momentum With Strong April Jobs Report

The Labor Department reported a big beat on jobs growth for April with 428,000 added versus the expected 380,000. Despite reductions in labor productivity and a weaker Q1 GDP, the job figures promoted some optimism among analysts. Jeffrey Cleveland, the chief economist for investment firm Payden & Rygel, joined Cheddar to break it down. "I know that Q1 GDP was negative and people are concerned about that, concerned about recession but in real-time, I put my money on the payroll data," he said. "And that continues to look very, very strong. So, the U.S. economy has very good momentum in my opinion."
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