The amount of jobs show that the pandemic recovery is not moving nearly as fast as was hoped. Forecasters had projected that the economy would add nearly 1 million nonfarm payroll jobs and that the unemployment rate would drop from March’s 6% down to 5.8%.
"This might be one of the most disappointing jobs reports of all time," said Nick Bunker, who leads North American economic research at the Indeed Hiring Lab. "The labor market needs to gain 8.2 million jobs to put us back where we were pre-pandemic, not accounting for the jobs that would have been created if the pandemic never happened. Every month job gains don’t accelerate puts us further behind."
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The news comes after the jobs reports for both February and March originally beat the predictions of analysts, and the Federal Reserve’s economic forecast for the future remains to be increasingly positive.
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The major factor adding to the country’s hasty economic rebound is the reopening and expansion of businesses that were affected by the COVID-19 pandemic. The health crisis crushed many businesses in the United States last year, and unemployment hit a staggering high of 14.8% in April 2020.
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The retail and restaurant industries were damaged especially hard by the pandemic, which urged people inside and built uncertainty for some to travel out to the stores and restaurants that still had limited capacity. The vaccine administration and increasingly lifted restrictions are now providing people with a sense of relief, and more people have begun venturing out and infusing money into the economy.
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At least 45% of the U.S. has received at least one dose of the COVID-19 vaccine, and 32% are fully inoculated. That number is much higher among vulnerable populations, with 83% of those 65 or older having at least one shot and more than 70% fully inoculated.
"In April, notable job gains in leisure and hospitality, other services, and local government education were partially offset by losses in temporary help services and in couriers and messengers," the Friday morning report read.
The report also said that the previous two months saw 78,000 fewer jobs in aggregate than initially reported.
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New data published late last month found that the first quarter of 2021 (Jan. 1 through March 31) saw historic economic expansion. U.S. gross domestic product rose at a 6.4% annual rate in the first quarter of 2021, according to the Bureau of Economic Analysis.
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“Prospects for growth in 2021 have brightened on vaccine progress that is allowing restrictions to be lifted and a more complete reopening of the economy,” said Rubeela Farooqi, the chief U.S. economist with High Frequency Economics.
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