DailyKenn.com — Employers are begging for workers. Meanwhile, the worse jobs report in 23 years was just released.
How is this possible?
It could be Biden's handouts and Covid scare is keeping people home.
Joe Biden’s economy:
— Steve Guest (@SteveGuest) May 7, 2021
The April jobs report was the worst miss in 23 years: "The worst miss, we're told, since '98."
pic.twitter.com/UL9sbDeMYD
The U.S. economy added a mere 266,000 jobs last month. Forecasters had floated gains close to 1 million, making this the biggest miss, relative to expectations, in decades.
Why it matters: It's a major setback for the hopes of a speedy labor-market recovery alongside America's great reopening.
Adding to the pain: Job gains in March were revised lower.
What they're saying: "This is a big miss that changes how we think about the recovery," economist Justin Wolfers tweeted.
A bright spot: The labor force grew significantly, a counterpoint to the narrative that generous unemployment checks are keeping Americans out of the workforce.
The unemployment rate ticked higher to 6.1%, but the broadest measure of unemployment fell from 10.7% to 10.4%.
Who liked the report? Markets reacted with elation, pricing in a Fed that continues to press hard on the accelerator for the foreseeable future.
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