US Economy Faces Whiplash as Supply Shocks Distort Jobs and Inflation

Expect the unexpected has become the most useful rule of thumb for the economy. A series of supply shocks—the pandemic, higher tariffs, swings in immigration, conflict in the Middle East—has disrupted the usual patterns and created additional costs for businesses and consumers to navigate. The whiplash is showing up in the data, and it’s easy to misread. The Jobs Rollercoaster Is a Feature, Not a Bug Jobs Day has been a rollercoaster this year: a pop of 178,000 in in March, after a drop of 133,000 in February and a jump of 166,000 in January. It’s tempting to write off…