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April Jobs Report Falls Far Below Expectations

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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.

CNBC reports:

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:

Joe Biden did his best to spin the news.

This is the Biden effect in action.

What did people think was going to happen?

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