The April jobs report hit the tape at 8:30 this morning and the number was uglier than anyone wanted. Nonfarm payrolls fell 85,000 — the first negative print since the pandemic. Unemployment climbed to 4.7%. Tariffs had been chewing on margins for six months and corporate AI rollouts had been quietly thinning white-collar payrolls, but the labor market was supposed to be the firewall. The firewall just gave. MAGA