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The U.S. job market added just 266,000 jobs last month and the unemployment rate rose to 6.1%, leading to an unexpected slowdown in job creation in the world’s largest economy .
April data was compared to the 770,000 jobs added in March, a downward revision compared to the prior estimate – and showed that the US labor market is still below pre-pandemic levels. In April, 8.2 million fewer Americans were working compared to February 2020.
April job figures were released at a time of intense debate among policymakers and economists about the extent to which the ongoing rebound in the U.S. will cause a jump in inflation.
Biden administration officials and senior Federal Reserve officials believe consumer price increases will be temporary, but some economists and investors fear that American economy it is configured to overheat in a risky way.
Some economists have also warned that labor shortages could hamper job creation as the economy recovers from the depths of the pandemic.
The faint leap in job creation will make it difficult for the White House to say it is initial Stimulus of $ 1.9 million the bill works as planned.
The Biden administration wants Congress to take much broader fiscal action with plans to increase spending by $ 4.1 million combined on U.S. infrastructure and the social safety net over the next decade, paid for with higher taxes to large and wealthy American companies.
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