“April jobs report: Payrolls rose by 266,000, sharply missing estimates, as unemployment rate increased to 6.1%”
May 7, 2021
“The Labor Department released the April jobs report Friday morning at 8:30 a.m. ET. Here were the main results from the report, compared to consensus data compiled by Bloomberg:
- Non-farm payrolls, April: +266,000 vs. +1.000 million expected and a revised +770,000 in March
- Unemployment rate, April: 6.1%vs. 5.8% expected and 6.0% in March
- Average hourly earnings, month-over-month, April: 0.7%vs. 0.0% expected and -0.1% in March
- Average hourly earnings, year-over-year, April: 0.3%vs.-0.4% expected and 4.2% in March
Non-farm payrolls rose for a fourth straight month but at a markedly slower-than-expected clip, despite easing social distancing standards across the country that had been expected to support the recovery. Friday’s report came as a sharp disappointment for many economists, who had been expecting a blowout payrolls number with job gains north of 1 million, as more stay-in-place restrictions were eased and mobility picked up…”
This is wild. Lets try to make sense of whats happening. There’s a shortage of workers so many employers can’t hire anyone even if they wanted to. Prices on goods and services are increasing fairly quickly which is not good. Unemployment jumps which doesn’t make sense because of the worker shortage. The economy is in disarray. This is not a good look. These problems I listed; everyone needs to pay close attention to.