By Liz Ann Sonders
First, jobs
Before I get to the subject at hand, I want to provide a quick update on last Friday's April jobs report from the Bureau of Labor Statistics. Similar to the first quarter gross domestic product ((GDP)) report, the headline strength in the employment report masked less-robust underlying details. The non-farm payroll print of +263k was well above the 190k consensus expectation per Bloomberg, with a net small positive revision to the prior two months. Average hourly earnings ((AHE)) were +0.2% month/month (+3.2% year/year), which was below the consensus