Wednesday, May 12, 2021

Go figure: President BIden on the hot seat for economic analysts' boneheaded jobs forecast

 


Boston Globe, 5/7/2021
The 266,000 jobs added in April marked a steep drop from the previous month and came in far below analysts’ forecasts of nearly a million new hires driven by COVID restrictions easing. The unemployment rate edged up to 6.1 percent, the first increase since the recovery began, but for a good reason — more people were actively looking for work. 
Economists cautioned not to read too much into one report and said the economic recovery remained on track, with the more reliable three-month average of job gains at a robust 524,000. The stock market agreed, with major indexes rising despite the news.
The GOP, of course, used the report to bash the unemployed.




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