Every analysis of the economy ought to be prefaced by the fact that underlying asset bubbles may be threatening an economy that’s already overdue for a recession.

But that being said, April’s Bureau of Labor Statistics report couldn’t possibly spell better news for the American economy. Employers created 263,000 jobs last month, some 40% higher than what economists surveyed by the Wall Street Journal had anticipated. Our seasonally adjusted employment rate plummeted to 3.6%, a level not achieved since 1969.