CNBC: April’s expected hiring boom goes to bust as nonfarm payroll gain falls well short of estimates
Dow Jones estimates had been for 1 million new jobs and an unemployment rate of 5.8%. Many economists had been expecting an even higher number amid signs that the U.S. economy was roaring back to life.
The lack of people wanting to re-enter the labor market seems to play a big role in these disappointing numbers.
BREAKING: April jobs report: +266k, a big miss from consensus forecast of +1M. Labor force participation rate was 61.7%. pic.twitter.com/Q90p41j02h
— Squawk Box (@SquawkCNBC) May 7, 2021