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Fri May 7, 2021, 08:34 AM

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This message was self-deleted by its author (mahatmakanejeeves) on Fri May 7, 2021, 08:47 AM. When the original post in a discussion thread is self-deleted, the entire discussion thread is automatically locked so new replies cannot be posted.

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Reply This message was self-deleted by its author (Original post)
mahatmakanejeeves May 7 OP
BumRushDaShow May 7 #1
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Response to mahatmakanejeeves (Original post)

Fri May 7, 2021, 08:40 AM

1. WaPo just issued

Economy picked up 266,000 jobs in April, fewer than expected as economy tries to rebound

By Eli Rosenberg
May 7, 2021 at 8:35 a.m. EDT

The U.S. economy added just 266,000 jobs in April, a disappointing month of growth that fell well below economists’ estimates for more robust month of recovery as vaccine distribution increases and caseloads fall around the country.
The unemployment rate remained relatively unchanged at around 6 percent, although economists caution the number is misleadingly low, given how many people have dropped out of the labor force in the last year, and are thus not counted as unemployed.

Hiring has accelerated so quickly, in fact, that some businesses have complained to the White House and lawmakers that they are having a hard time recruiting workers, particularly for low-wage, hourly jobs.
The tension spilled into public on Thursday, when Senate Minority Leader Mitch McConnell (R-Ky.) blamed the stimulus package passed by the White House and Congress in March for acting as an incentive for people to not return to work. Biden administration officials have countered that the $1.9 trillion stimulus package provided vital assistance to millions of Americans and has only helped the economy grow.

The U.S. economy added a robust 916,000 jobs in March, edging the unemployment rate down to 6 percent. The labor market has improved since the coronavirus pandemic ravaged numerous industries last year, but it remains millions of jobs short of where it was before the outbreak began in early 2020. The April jobs report will give further clues as to whether the hiring trend has continued or is slowing in any way. It could also show whether companies are paying higher wages than in recent months.

Many aspects of the recovery have been bumpy. Global supply chains still have not recovered. Many workers still have not returned to their offices, and the travel industry remains heavily affected. But for companies that are trying to ramp up, there are other pressures. A number of firms, including in the construction and restaurant industries, have complained to the White House about their inability to find enough workers for new positions.


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Response to mahatmakanejeeves (Original post)

Fri May 7, 2021, 08:44 AM

2. NYT a minute or so later...

U.S. added 266,000 jobs in April, as hiring slows.

By Patricia Cohen

May 7, 2021, 4:33 a.m. ET (ed. not sure what that time is about)

U.S. employers added 266,000 jobs in April, the government reported Friday, far below what economists had expected and a dramatic slowdown from March’s rapid hiring pace. The jobless rate rose slightly to 6.1 percent. Although the number of new jobs were lower than what Wall Street analysts had predicted, more opportunities are bubbling up. Job postings on the online job site Indeed are 24 percent higher than they were in February last year.

“There’s been a broad-base pickup in demand,” said Nick Bunker, who leads North American economic research at the Indeed Hiring Lab. The supercharged housing market is driving demand for construction workers. There is also an abundance of loading, stocking and other warehousing jobs — a side-effect of the boom in e-commerce. The economy still has a lot of ground to regain before returning to prepandemic levels. Millions of jobs have vanished since February 2020, and the labor force has shrunk.

As the economy fitfully recovers, there are divergent accounts of what’s going on in the labor market. Employers, particularly in the restaurant and hospitality industry, have reported scant response to help-wanted ads. Several have blamed what they call overly generous government jobless benefits, including a temporary $300-a-week federal stipend that was part of an emergency pandemic relief program. But the most solid evidence of a real shortage of workers, economists say, is rising wages. And that is not happening in a sustained way. As Jerome H. Powell, the Federal Reserve chair, said at a news conference last week: “We don’t see wages moving up yet. And presumably we would see that in a really tight labor market.”

Millions of Americans have said that health concerns and child care responsibilities — with many schools and day care centers not back to normal operations — have prevented them from returning to work. Millions of others who are not actively job hunting are considered on temporary layoff and expect to be hired back by their previous employers once more businesses reopen fully. At the same time, some baby boomers have retired or switched to working part time.


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