US economy added just 266,000 jobs last month, vs. estimates for 1 million or higher

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    • #421884
      RCW2020
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      • Total Posts: 522

      The unemployment rate rose from 6 percent to 6.1 percent.

       May 7, 2021, 8:38 AM EDT / Updated May 7, 2021, 8:50 AM EDT

      The U.S. economy gained a disappointing 266,000 jobs last month, despite widespread forecasts that predicted a number that would top 1 million, according to the latest monthly employment report from the Bureau of Labor Statistics.

      The unemployment rate rose from 6 percent to 6.1 percent, contrary to expectations but still down from a historic peak of 14.8 percent last April, the highest level since the Great Depression.

      The highly anticipated monthly jobs report was expected to show strong payroll growth, with some analysts even predicting job gains beyond the 2 million mark, after widespread vaccinations spurred Americans to dine out, take vacations, and venture out to stores after months of restrictive measures.

      “This might be one of the most disappointing jobs reports of all time,” said Nick Bunker, economic research director at Indeed Hiring Lab. “The labor market needs to gain 8.2 million jobs to put us back where we were pre-pandemic, not accounting for the jobs that would have been created if the pandemic never happened. Every month job gains don’t accelerate puts us further behind.”

       

      https://www.nbcnews.com/business/economy/u-s-economy-added-just-266-000-jobs-last-month-n1266498

    • #421903
      Scott Crowder
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      • Total Posts: 387

      for the rich were supposed to create jobs!?!

    • #421963
      gordyfl
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      • Total Posts: 1,570

      Apparently Wall Street is not concerned about these numbers. Today the Dow is once again setting another record all-time high. Another example of the disconnect between Wall Street and Main Street.

      The article did point to September when pandemic relief policies expire. We’ll see happens by then.

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