U.S. Economy Added 266,000 Jobs in April, Falling Short of Estimates
A SWING AND A MISS
The U.S. added 266,000 jobs in April, welll short of economists’ estimates of 1 million or more, according to the latest monthly employment report from the U.S. Bureau of Labor Statistics. The unemployment rate stayed essentially flat, rising slightly from 6 percent to 6.1 percent—defying analysts who had predicted unemployment would drop to 5.8 percent month-over-month. “Given the robust expectations of over a million jobs gained, it’s hard to label this anything but a disappointment,” economist Joseph Brusuelas told The Washington Post. BLS also revised its March data downward from the 916,000 initially reported as added, to 770,000. Those numbers were largely achieved through new hiring in the hospitality sector, which added more than 150,000 jobs at restaurants and bars as the economy began to reopen. But some 8.2 million more Americans need to get back to work before the country is back to pre-pandemic levels, analyst Nick Bunker told NBC News: “Every month job gains don’t accelerate puts us further behind.”