The U.S. Department of Labor released a report today saying that the U.S. added 266,000 jobs in April and the unemployment rate increased slightly to 6.1 percent, defeating expectations that there would be mass reemployment after the epidemic subsides.
The U.S. Department of Labor report contradicts market forecasts. Economic experts originally expected the U.S. economy to add 1 million jobs in April because of the 2019 coronavirus disease (COVID-19) vaccination and the government’s implementation of revitalization measures to get domestic business back to normal.
Justin Wolfers , a professor of economics at the University of Michigan, tweeted, “This is a big miss and changes the way we think about the recovery.
Most analysts estimate the rebound will continue, with stronger job growth in the U.S. this summer, but the results of the April jobs report represent a setback to the rebound.
The Labor Department also revised downward its March jobs report estimate to 770,000 new jobs, down 146,000 from the original estimate. However, the February report’s estimate of new jobs was revised upward by 68,000.
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