The Black jobless rate is nearly twice the white one. An economist says it's just "a longer job search" for Black Americans, because of racism.
The US job gains beat the 720,000-payroll forecast in the largest jump since August. The 5.9% unemployment rate missed the estimate for a 5.6% print.
Gov. Mike Parson of Missouri said that federal benefits helped in the past, but the payments now "worsened the workforce issues" that the state faced.
Morgan Stanley's wealth-management CIO says accelerated retirements, a growing skills gap, and geographic imbalances are adding to unemployment rates.
Four of the five states with less than 40% of the population vaccinated are ending federal unemployment benefits prematurely.
The US added 559,000 payrolls, missing the estimate for a 674,000-job gain. The unemployment rate fell to 5.8% from 6.1%, beating the 5.9% estimate.
Only 266,000 jobs were added last month but the US needs much more. It shows consumer spending and the work force won't align in the reshaped economy.
Unemployment also rose in April, to 6.1% from 6%, missing the 5.8% estimate. The BLS data seemed to confirm anecdotes of a widespread labor shortage.
While the unemployment rate fell to 6% amid a surge in hiring, Insider calculates the "real" rate used by the Fed and the Treasury still sits at 8.7%.
The headline unemployment rate met the median economist forecast, sliding to 6% last month from 6.2%, but new jobs smashed estimates of 660,000.
Bank of America sees the report kicking off a quarter of job gains averaging 950,000 a month. UBS expects similar growth lasting into the fourth quarter.
The central bank's policymakers now see 2021 GDP growth landing at 6.5%, well above the prior estimate of 4.2% expansion.
Treasury Sec. Janet Yellen also dispelled fears the relief plan would spark rampant inflation, as price growth was weak when unemployment hit 3.5%.
Fed Chair Jerome Powell and Treasury Secretary Janet Yellen have said alternative unemployment measures paint a gloomier picture of the labor market.
Friday's blowout jobs report showed the US added nearly double the payrolls expected by economists for the period.
The proportion of working Americans compared to total population hit a record low in 15 states in 2020, but 23 states' ratios were above average.
Federal Reserve Chair Jerome Powell said on Wednesday that the actual US unemployment rate is likely higher than its officially recorded level of 6.3%. The Fed chair said adjusting federal data to reflect certain trends would cause it to be nearly 10%. It’s a level nearly twice as large as […]