Jobs and benefits

Yahoo! Finance reports that “As the U.S. economy has shown signs of ramping up, consensus expectations for the April jobs numbers were high. But instead of the 1,000,000 new payrolls expected, only 266,000 new jobs were posted. A whopping miss. Now, the unemployment rate is 6.1% instead of the expected 6.0%, and last month’s jobs numbers were revised downwards as well, to 770,000 from 916,000.” They quote an economist opining that “This might be one of the most disappointing jobs reports of all time”. Source.

The New York Times reports that groups such as the U.S. Chamber of Commerce suggested enhanced unemployment benefits were “holding back hiring”. When asked “if he believed the enhanced benefits had any effect on the job gains” President Biden replied “No, nothing measurable.” Source.

Okay then.

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