After a winter of rapid growth in the American labor market, April’s jobs numbers delivered a more mixed picture. Employers added 175,000 positions, less than economists had expected and well below the average over the last year; and the unemployment rate climbed to 3.9 percent.
“We’ve gotten so used to jobs reports that smash expectations that it was a bit shocking this morning to see one that fell short,” our economics reporter Ben Casselman told me. “But really, the slowdown shouldn’t be a big surprise, and isn’t particularly worrisome.”
Layoffs remained low and most job sectors appeared stable. Wage growth eased notably, though the unemployment rate remained under 4 percent for the 27th consecutive month — the longest stretch in more than 50 years. In fact, some economists said that the April data offered hopeful hints that the economy was headed toward a more stable footing.
“Today’s report was exactly what policymakers at the Federal Reserve have been hoping for: an economy that is gradually cooling but not plunging into recession,” Ben said.
So far, though, cooling is probably not enough to persuade the Fed to cut rates just yet. Jerome Powell, the Fed chair, said this week that policymakers would not react to small moves.
Campuses remain on edge
The president of the University of Chicago said today that a pro-Palestinian encampment on campus “cannot continue.” Next steps there are being closely watched in higher education because the school has long held itself up as a national model for free expression.
In Manhattan, the police cleared pro-Palestinian encampments at New York University and the New School, arresting 56 people. In Paris, the authorities hauled away students who had occupied a building at Sciences Po, one of France’s elite universities. Here’s the latest.
A congressman from Texas was indicted over bribery
Henry Cuellar, a House Democrat from Texas, and his wife were charged with participating in a yearslong bribery scheme involving an oil and gas company owned by Azerbaijan, and a Mexican bank.
Prosecutors said that payments made from 2014 to 2021 were laundered through “sham consulting contracts,” front companies and shell companies owned by Cuellar’s wife, who performed “little to no legitimate work” under the contracts.
The Kentucky Derby returns under a cloud
Tomorrow’s Kentucky Derby is the 150th edition of America’s most famous race. After last year’s tragedies, which included the deaths of seven horses at Churchill Downs during the week of the Derby, it seems as if the horse-racing world has a lot to prove. “There’s a genuine feeling that this is the inflection point, and if we don’t act, it may be too late,” said Lisa Lazarus, horse racing’s lead regulator.
Two of my colleagues spent the last year reporting on the industry. They found that reckless breeding and doping practices, and decades-long resistance to change, have put the social acceptability of one of America’s oldest sports at risk.
More top news
Seinfeld’s directorial debut was many years in the making
When The Times interviewed Jerry Seinfeld about joke writing in 2012, he was working on a bit about Pop-Tarts that he had been thinking about for two years. Now, 12 years later, Seinfeld’s directorial debut — and his first live-action lead role — is about, you guessed it, Pop-Tarts.
The movie, “Unfrosted,” started streaming on Netflix today. In it, Seinfeld is joined by an all-star cast of comedians to tell a largely fictional story about the invention of the fruit-filled pastries. But the real saga behind the Pop-Tart is no less interesting.
Miami welcomes F1 with a fake marina
Formula One racing, while enormously popular abroad, is still relatively new to many Americans. This weekend is just the third event ever held in Miami. The organizers have spent millions over the last few years in an attempt to make the track distinctive and enjoyable.
The most eye-catching feature is a faux marina, complete with several motionless boats, that was built to convey a “Miami feel” despite being miles from the ocean. More important, the track surface is now greatly improved from its first year, when drivers were slipping and crashing.
In this film, the stuntmen are the stars
“The Fall Guy,” an action-comedy-romance about a stuntman turned hero, features a pair of Hollywood heavyweights: Ryan Gosling and Emily Blunt. But the people behind the film have not been shy about who they think the real stars are: “This movie is just a giant campaign to get stunts an Oscar,” said Gosling (who performed one anxiety-inducing stunt himself).
So far, the academy has been mum about the prospect of a new award. But “The Fall Guy,” which arrived in theaters today, is the most significant recent step in a campaign that began more than 30 years ago. Read about the effort.
Have a daring weekend.
Thanks for reading. I’ll be back on Monday. — Matthew
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