On May 8, Wells Fargo economists stated that the U.S. labor market remains in a state of low employment and low hiring that has persisted for the past two years. With little change in demand for labor, labor supply has become a more significant factor determining the pace of job growth. Last month, employment increased by 178,000, and even considering an additional 30,000 from the end of strikes, this figure is unsustainable due to constraints on labor growth from factors such as immigration and demographic trends. We expect total employment to increase by 70,000 in April, with private sector employment rising by 75,000.