From Wall Street to the White House, expectations were high for a hiring surge in April with potentially a million Americans returning to work. Instead, the world learned Friday that just 266,000 jobs were added, a massive disappointment that raises questions about whether the recovery is on track.

One way to make sense of this weak jobs report is to do what Wall Street did and shrug it off as an anomaly. Stocks still rose Friday as investors saw this as a blip. They think there is just a lag in hiring and more people will return to work as they get vaccinated.

But another way to look at this is there is a great reassessment going on in the U.S. economy. It’s happening on a lot of different levels.

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