00:00It's Benzinga, bringing Wall Street to Main Street.
00:03Economist David Rosenberg said shrinking take-home pay and job losses in the Household Survey
00:07contradict claims that the U.S. economy remains solid, according to a post on X.
00:13The Bureau of Labor Statistics reported non-farm payrolls increased by 115,000 in April,
00:18while the unemployment rate held at 4.3 percent.
00:22Rosenberg said average hourly earnings rose 0.2 percent to $37.41 in April.
00:30But real take-home pay fell 0.4 percent after a 0.6 percent decline in March and flat growth
00:37in February.
00:38Rosenberg said investors are focusing on the 115,000 increase in non-farm payrolls
00:44while overlooking a 226,000 decline in jobs in the Household Survey during April.
00:51He said the drop followed a 64,000 decline in March, extending the metrics losing streak to three months.
00:59Rosenberg criticized optimistic market commentary as bubble vision
01:03and questioned whether the labor market should be considered balanced.
01:06For all things money, visit Benzinga.com.
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