Economists had estimated that the US would gain about 1 million jobs in April, as it did in March, but instead made a profit of 266,000.
President Joe Biden seems unaffected by last month’s jobs report, writing on Twitter on Saturday that the US economy is expected to grow rapidly in 40 years.
The President tweeted, “Since we took office, we have gone from an economy in crisis to an economy that is projected to grow rapidly in about 40 years.” “It’s progress. Let’s keep it going.”
Economists had estimated that the US would gain about 1 million jobs in April, as it did in March, but instead gained 266,000.
The Labor Department said in its monthly payroll report that the unemployment rate unexpectedly rose to 6.1% – while it is still well below the April 2020 peak of 14.7%, nearly double the pre-crisis level. Economists surveyed by Refinitiv expected the report to show that unemployment fell to 5.8%.
This figure signifies a significant decline from the revised downward number of 70,000 in March and upwardly revised 547,000 in February.