Unemployment rate was at 6.1%, hiring spree failed to meet expectations in April
There were several Job Openings offered in the month of April when the situation of the economy and markets started to move in a favourable direction. However, the Labour Supply was significantly lower than what Economists expected. In the month of April, for every job opening there were 1.1 unemployed workers.
JJ Kinahan, Chief Market Strategist, TD Ameritrade said that “We’re not going to see inflation in wages, and we don’t have as many people employed as we thought, so we have to keep the party going.”
Employers are positive that the issue will be resolved as the Vaccination Drive has until yet kept to the schedule and has been a success. More people will step out seeking jobs as the number of fully vaccinated population increases.
According to the U.S. Bureau of Labor Statistics, “Unemployment rates were lower in April in 12 states and the District of Columbia and stable in 38 states. Forty-eight states and the District had jobless rate decreases from a year earlier and two states had little change. The national unemployment rate, 6.1 per cent, was little changed over the month, but was 8.7 percentage points lower than in April 2020.”