US April #employment report is out. In terms of the headlines that will dominate the financial and general media outlets: -A record setting 20.5 million loss in #jobs (re data back to 1939) -The #unemployment rate surges to 14.7%. -Per earlier tweet, the 7.9% surge in wage growth is highly distorted by a sad compositional issue: the burden of job losses is being carried by the lower paid workers in the #economy . (The tragic implications of this are visible, in part, in the long lines outside food banks.) --Some worrisome internals include a jump to 17.6% in the teen unemployment rate. Going through the details. More to follow. …see more