|By Matein Khalid| The April payrolls data demonstrated that US economic growth has hit a soft patch. The US economy only added 160 jobs in April, less than the expected 203,000 average in the first three months of 2016. One disappointing data point does not imply a macroeconomic trend reversal since the US economy added 2.8 million jobs between March 2015 and March 2016. Statistical and measurement errors alone can explain a single month’s job growth slump and the rise in average hourly earnings and wage growth demonstrates that the US labour market is hardly in crisis. Auto sales are 17 million units, a post crisis high. The epic fall in gasoline prices is a de facto “tax cut” for the US consumer, 70% of the American GDP.