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The April jobs report fell woefully short of economists' expectations, with employers adding just 266,000 jobs to payrolls. For women, total employment declined from March to April, reinforcing the recovery's continued unevenness. At the same time, labor supply constraints in some sectors of the economy and the potential for stronger wage pressures are also a concern for monetary policy.

To parse the new data, Sam Chandan is joined by Dr. Marianne Wanamaker, Professor of Economics at the University of Tennessee Knoxville's Haslam College of Business and former Chief Economist for the Domestic Economy at the White House Council of Economic Advisors, where she was also the nation's senior-most labor economist.

The monthly labor market analysis is sponsored by LaborIQ by ThinkWhy, a leading provider of analytical tools for data-driven recruiting, hiring, and compensation planning.

To learn more about the Urban Lab, visit SamChandan.com and follow Sam Chandan on Twitter at SamChandan.