Daily Rundown

May 11, 2026

Chart of the Day

Number of the Day

16 - Consecutive months in which information services jobs have declined, the longest such streak since 2008-09

Quote of the Day

"I don't see how you can look at the current situation and view that the only thing that's on the table are rate cuts." - Chicago Fed President Austan Goolsbee

Friday's Highlights

Nonfarm payroll employment (April) rose by 115,000, as construction, retail, business services, health care, and leisure jobs all moved higher.

The unemployment rate (April) held steady at 4.3 percent. The rate remains modestly lower since the outset of the year.

The average workweek (April) ticked up to 34.3 hours, reversing a decline in March. The factory workweek hit a 39-month high.

Average hourly earnings (April) rose by 0.2 percent on the month and 3.6 percent year-over-year.

The University of Michigan consumer sentiment index (May) slipped to a record low 48.2 from a prior 49.8. 

Quick Commentary

The labor market has clearly found firmer footing in the early stages of 2026, as payroll growth has eclipsed 100,000 in back-to-back months for the first time since the end of 2024. Moreover, the recent upturns in the average workweek and temporary employment, the latter of which has now risen for four straight months after a mostly uninterrupted decline over the previous four years, suggest that the demand for labor is back on the rise and that further payroll gains are likely in the months ahead. At the same time, job growth remains tepid from an historical perspective while, not coincidentally, wage growth continues to slow. There is also the ongoing pullback in tech-related jobs, which could be an early hint of broader AI impacts to come. Overall, this is an encouraging rebound, but one that still looks at this point to be tenuous.

Today's Highlight

Existing home sales

Daily Trivia

Who was the last U.S. president whose term in office coincided with three different Federal Reserve chairmanships?

(Friday's Question: In addition to being constituents of the S&P 500, what do Coca-Cola, Tesla, Eli Lilly, American Electric Power, Micron, and The Hartford have in common? Answer: All are headquartered in state capitals (Atlanta, Austin, Indianapolis, Columbus, Boise, and Hartford))