A red-hot labor market could be in the beginning stages of cooling down. What this means economically and politically could range from the good, the bad, to the ugly.
The U.S. economy added 175,000 new jobs in April, down from the upwardly revised 315,000 positions in March. This fell short of the consensus estimate of 243,000. The unemployment rate ticked up to 3.9 percent last month, up from 3.8 percent and higher than the market forecast.
