The April labour report shows a strong headline US payrolls figure, but major revisions really cloud the narrative on this. Non-farm payrolls rose 253k versus the 185k consensus, but there were a net 149k of downward revisions to the past couple of months spread pretty evenly between February and March. Private payrolls rose 230k versus the 160k consensus, but this "beat" was completely offset by a 66k downward revision to March (123k versus 189k initially reported). The details show April was yet another solid month for private education & health employment (+77k). This sector has really been the strongest ... (full story)