Hi, I'm Dan Premack, and welcome to Axios Recap, where we dig into one big story. Today is Friday, May 7th.

Stocks are up, a federal grand jury came down with new indictments in the George Floyd case,

and we're focused on this morning's stunning jobs report.

Earlier this morning, the U.S. Labor Department reported that the economy added 266,000

jobs in April. And to be clear, those are jobs being filled, not just jobs that are being

offered. And 266,000 is a lot, and it sounds really good, but economists had been expecting

to add nearly one million jobs.

And then making things just a little bit worse, the March Jobs Report was revised downward

from 917,000 to 770,000.

The big picture here is that the economic recovery might have hit a significant speed bump,

and that could totally change the political debate

over whether or not to spend trillions of dollars on infrastructure and social services.

Three quick things to know from inside the numbers. First, the biggest hiring gain was in leisure

and hospitality, more than half of which was in food and beverage, although that industry

remains nearly three million

jobs shy of where it was before the pandemic began. Two, average hourly earnings rose,

which suggested employers are being forced to pay up to hire. And that rings true to anyone

who has seen those help-wanted signs outside of restaurants and retail stores lately.

Three, the biggest job loss was in professional services,

but there was also a big decline,

77,000 jobs in Courier,

which suggests that the pandemic's delivery boom has begun to wane.

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