Payroll job growth for April came in at 160,000. This disappointing figure is mostly due to a “seasonal payback” from strong employment growth earlier in the year, especially in construction and retail trade. Nonfarm productivity fell 1.0% in the first quarter, after a 1.7% decline in the fourth. Construction spending increased 0.3% in March, closing out a solid first quarter. The ISM manufacturing index cooled to 50.8 in April. The ISM nonmanufacturing index reached 55.7 in April, its highest level in four months. Next week brings the retail sales report for April. Retail sales are expected to have climbed 1.0%; excluding autos, they likely rose 0.6%.