Disappointing April Jobs Report, Unemployment Increases By 0.1%
From Associated Press - A recent jobs report indicates that the U.S. gained 266,000 jobs in April, undershooting the anticipated 1 million jobs gained by a large margin. Additionally, unemployment increased from 6% to 6.1%.
President Joe Biden stated that growth will take time and that the report emphasizes the need for more spending. On the contrary, Republicans claim that the recent federal spending bills are causing many Americans to not want to work as they take advantage of the increased unemployment benefits.
Most surprising in the report was the net loss of 165,000 jobs for women over the age of 20, while men saw a net gain of 355,000 jobs. With a new $4 trillion spending bill for infrastructure, schools, and children on the horizon, women's net loss in jobs in April could prove to be a pivotal point for Democrats' spending bill aspirations.
Addressing the recent jobs report, Biden stated, "We never thought that after the first 50 or 60 days everything would be fine. Today, there’s more evidence our economy is moving in the right direction. But it’s clear we have a long way to go.”
Despite the dismal numbers overall, an analysis by MarketWatch highlighted that the April 2021 U-6 unemployment figure, which accounts for those who stopped looking for work and/or who can't find full-time jobs, was 10.4%, which is approximately half of what it was at this time last year.
However, it is also important to note that there are certain industries that have struggled to find workers. Currently, the U.S. faces shortages in lumber, corn, and computer chips, among others, mostly due to labor shortages.
Image from Associated Press