The April jobs report is out and it’s a total dud.
Financial experts were expecting up to a million new jobs to be added and the final number was only 266,000.
The unemployment rate also went up over 6 percent.
April’s expected hiring boom goes bust as nonfarm payroll gain falls well short of estimates
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 jobs 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.
However, markets had only a mild reaction to the bad news, a sign that investors expect the Federal Reserve to keep its ultra-easy policies in place and believe that the big miss likely was a short-term phenomenon.
On CNBC, they had to actually check the number twice. Watch:
— Mike Berg (@MikeKBerg) May 7, 2021
Joe Biden did his best to spin the news.
Joe Biden trying and failing to spin his terrible April jobs report on live TV might be the funniest thing you’ll see on this website today pic.twitter.com/UpS01aB0V3
— Benny (@bennyjohnson) May 7, 2021
This is the Biden effect in action.
What did people think was going to happen?