According to Wall Street expectations, the U.S. hiring markets “sharply” missed the mark with employment additions in April.
While unemployment rates are still well below the peak of April 2020 at 14.7%, there was an unexpected increase to 6.1% in recent days. Expectations by the Department of Labor had assessed there to be an unemployment rate of only 5.8% at this time and an addition of 978,000 jobs.
Even revised numbers in February and March were far higher than the reality of only 266,000 jobs added in the country.
Senator Roger Wicker says this is a direct result of Democratic policy.
Today’s employment numbers are a direct product of Democrat policies.
Unnecessary lock downs, school closures, and excessive unemployment benefits are unnecessarily depressing the economic recovery.https://t.co/UAnF0K10oC
— Senator Roger Wicker (@SenatorWicker) May 7, 2021
According to Fox News, there are still 8.2 million less jobs in the country than there were before the COVID-19 pandemic began.
The Bank of America was quoted as saying that individuals who made less than $32,000 yearly, prior to COVID-19, would be better off receiving federal and state benefits rather than going back to work.
Meanwhile, many employers are still struggling to find workers to fill positions, likely due to the same mindset that companies like Bank of America are projecting on the public.
“We’ve known for some time now that there are tensions or mismatches between the demand for workers and a large number of job openings and the large number of unemployed individuals,” said Mark Hamrick, senior economic analyst at Bankrate told Fox. “Many employers report struggling to find available workers. Supply constraints are also limiting further improvement in output.”
It is also widely known that the hospitality industry was hit the hardest. However, they also saw the largest bulk in the hiring market at 331,000 newly hired. They still remain nearly 3 million short of the necessary employees needed.
President Biden gave remarks on Friday concerning the disappointing numbers.
Sarah Ulmer
