U S Added 266000 Jobs Last Month—Far Worse Than Expected As 9 8 Million

The United States added 266,000 jobs in April, according to data released by the Labor Department Friday—much worse than the 1 million job gains economists expected and far fewer than the 916,000 jobs added in March, indicating that the long-tepid labor market recovery is slowing down again even as stocks and corporate earnings rip higher.“Obviously, the jobs report is a large disappointment... however, the economy is still on a recovery footing,” says Vital Knowledge Media Founder Adam Crisafulli. “Notable job gains in leisure and hospitality, other services, and local government education were partially offset by losses in temporary help services and in couriers and messengers.” The losses in temporary help services, Crisafulli says, suggest companies “may be gearing up for more permanent hires.”16.2 million. That’s how many people are still receiving some form of government unemployment benefit—shockingly high compared to historical levels, according to weekly data released Thursday. It’s also higher than the number of unemployed Americans due to the startling number of people who’ve dropped out of the labor force because they’re no longer looking for work. The Federal Reserve has long emphasized that the economy is still fragile and in need of assistance due to the ongoing pandemic, but the central bank is "very likely" to change its messaging in light of expected job growth, says Crisafulli, and if recent market reactions are any indication, stocks will likely take a hit if the Fed starts to indicate it may ease up on its unprecedented economic support—including asset purchases of $120 billion per month and historically low interest rates to help boost borrowing and spending. As part of his $1.8 trillion American Families Plan, President Joe Biden has pledged to work with Congress to reform the American unemployment insurance program. The plan includes an automatic trigger system that will adjust the duration and amount of benefits as economic conditions change, along with expanded eligibility requirements and federal standards that make it more difficult for states to withhold benefits. It also aims to fix the technical glitches that held up benefits for millions of Americans during the early days of the pandemic. Another 498,000 Americans Filed For Unemployment Last Week—A New Pandemic Low (Forbes)Here’s Who’s Winning—And Who’s Still Hurting—In The Economic Recovery So Far (Forbes)Here’s How The Pandemic Will Actually Boost The Economy’s Productivity, According To Goldman Sachs (Forbes)Tech Stocks Shake Off Fifth Day Of Losses, But Insiders Are Cashing Out While Retail Traders Splurge (Forbes)

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