Jobs Gains Way Below Expectations,
& Downward Revisions for Feb & Mar
Economic forecasters had predicted one million job gains in April. The actual results are “stunningly” and “unexpectedly” far below the expectations. The Bureau of Labor Statistics [SEE HERE] reveals only 266,000 jobs gained in April and downward revisions of March by -146,000. There are almost 7.4 million jobs available; however, despite the available jobs, no-one is going back to work.
Yes, JoeBama’s “free government money” has created the socialist utopia.
The politically correct economic analysts are shocked that minorities (blacks and latinos) are not going back to work; while ignoring the disincentive that government handouts have created in the JoeBama economy. The entire dynamic is ridiculous when you consider we should be entering a phase of the jobs economy where vaccination and COVID mitigation should be leading to massive reopenings of the economy overall.
Inside the numbers, the economic sectors showing the worst jobs recovery are directly related to the blue state shut-downs. Worse yet, there is an underlying scenario showing the economy is not growing despite the ability of businesses to re-open overall. That spells even more trouble.
(CNBC) – “Today’s report was an enormous surprise and shows the labor market hit a hidden pothole in April,” Glassdoor senior economist Daniel Zhao tells CNBC Make It. “Clearly, the labor market has decelerated quite a bit.”
The 6.1% unemployment rate and 9.8 million people unemployed remained steady in April compared with the months prior. (more)
There is no level of spin that can change the reality of this situation. JoeBama’s economic policies are exactly the wrong thing to be doing. Everything, and I do mean every single policy objective, delivered by this administration is AMERICA LAST!
Hiring was a huge letdown in April, with nonfarm payrolls increasing by a much less than expected 266,000 and the unemployment rate rose to 6.1%. Dow Jones estimates had been for 1 million new jobs and an unemployment rate of 5.8%. CNBC’s Jim Cramer discusses what he thinks led to the surprising report.
