The American job market slowed considerably last month, according to the latest US jobs report. The economy added just 266,000 jobs in April and the unemployment rate ticked up to 6.1 percent, surprising some economists who had projected a growth of approximately 1 million jobs. President Joe Biden said that the latest numbers are proof that his American Jobs Plan is necessary to jumpstart the economy following the COVID-19 pandemic.
US employers added 266,00 jobs in April and the unemployment rate increased to 6.1 percent, according to the latest job report. Economists predicted the market would add one million new jobs in April, news outlets report.
At April’s rate of growth, the economy wouldn’t regain those 8 million jobs back until the end of 2023. Economists had predicted the market would gain one million new jobs in April, news outlets report.
It’s a major setback for the hopes of a speedy labor-market recovery alongside America’s great reopening. President Joe Biden said lackluster job growth shows his American Jobs Plan is key to recovering the millions of jobs lost during the COVID-19 pandemic.
U.S. employers added a modest 266,000 jobs in April, far short of the one million economists had forecast and the weakest monthly gain since January, Friday’s Labor Department report showed. The deceleration came after payrolls rose a downwardly revised 770,000 in March.
Economic experts and politicians are discussing the long-term significance of the jobs report for US economic recovery. Concern is mounting that a lack of workers and raw materials is causing sluggish economic growth, journalists report.