Noah Yosif believes the April jobs report lets the Fed breathe a sigh of relief on the labor front and focus on inflation, holding rates steady. He says employers are not making any rash moves, but are holding off on hiring until there is more certainty. Looking at retail and hospitality, he thinks expenses between tariffs and higher wages have hit employers hard, pushing them to improve productivity with their current staff instead of adding more positions. The health of the consumer will determine where the economy goes next, he adds.