The economy was expected to show a massive gain of over one million jobs in April according to most economists but this morning’s official numbers show it grew by only a measly 266,000 jobs. The unemployment rate also ticked up to 6.1 percent.
As CNBC reports:
Hiring was a huge letdown in April, with nonfarm payrolls increasing by a much less than expected 266,000 and the unemployment rate rose to 6.1% amid an escalating shortage of available workers.
Dow Jones estimates had been for 1 million new jobs and an unemployment rate of 5.8%.Many economists had been expecting an even higher number amid signs that the U.S. economy was roaring back to life…
There was more bad news: March’s originally estimated total of 916,000 was revised down to 770,000, though February saw an upward revision to 536,000 from 468,000.
The numbers mark bad news for the Biden economy. and indicate that it may take far longer for the economy to recover under Biden’s policies than many liberals wanted to believe.