Posted on 05/09/2021 6:40:52 PM PDT by E. Pluribus Unum
WASHINGTON—U.S. jobs growth for April was far lower than what the market had predicted, adding to worries that excessive stimulus payments could have undesirable side effects in the long term, making the road to recovery rocky.
The April jobs report was the biggest miss on record. According to the Bureau of Labor Statistics, the U.S. economy added 266,000 jobs last month versus an estimate of 1 million. The unemployment rate rose to 6.1 percent from 6.0 percent in March.
Some economists believe that the path to full employment could be much longer than expected.
“Going forward, U.S. job gains will be somewhat harder as they will depend on organic growth in demand and not just state and local governments easing of business restrictions,” Scott Anderson, chief economist at Bank of the West in San Francisco, wrote in a report.
The economy is still 8.2 million jobs below pre-COVID levels.
Job gains for March were also revised down to 770,000 from a blockbuster 916,000 additions. The unemployment rate for African Americans rose to 9.7 percent in April, making them the only racial group to experience worsening metrics, according to Economic Policy Institute. Meanwhile, the jobless rate for white workers fell to 5.3 percent.
While President Joe Biden inherited a strong economic recovery, his policies are hurting companies, especially Main Street businesses, critics say.
Business surveys show that the majority of small businesses are facing difficulties in finding workers. According to a monthly survey by the National Federation of Independent Business, a record level of small-business owners (44 percent) in April reported that they couldn’t fill job openings.
(Excerpt) Read more at theepochtimes.com ...
Balance sheet made me laugh.
We’re still on trump’s budget. Wait until October when Biden has his first. Then we’ll really see as stuff.
Biden’s economic policies price to earnings ratio >0000000
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.