April jobs report lower than anticipated; economy gains 266k jobs
The Bureau of Labor Statistics revealed that non-farm payrolls increased 266,000 in April, and the unemployment rate rose to 6.1 percent. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the report in a new NAFCU Macro Data Flash report.
“Job gains in April were well below expectations, and the downward revision to March may reset expectations for how quickly the recovery will proceed through the summer,” said Long. “Many will view the poor returns from last month as confirmation that enhanced unemployment benefits are curtailing labor supply.”
Noteworthy, the March non-farm payrolls increase was significantly higher at 777,000.
Average hourly earnings increased by 21 cents in April. The labor force participation rate rose from 61.5 percent to 61.7 percent.
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