Far below expectations. Analysts surveyed by Econoday had predicted Friday’s report would show between 755,000 and 1.25 million workers added to payrolls in April.
Labor Department says: Just 266,000 jobs in April and the unemployment rate ticked up to 6.1 percent.
The median forecast was for 938,000 and an unemployment rate of 5.8 percent.
Could be a sign that hiring is being held back by enhanced unemployment benefits and schools that have not reopened full time.
Businesses are saying they cannot hire enough workers to fill positions due to government’s enhanced unemployment benefits program.
Friday’s employment numbers represent a huge miss.
“The data for April suggest that the rising demand for labor associated with the recovery from the pandemic may have put upward pressure on wages,” the Department of Labor said.
We invite thoughtful comments below: