April jobs report disappoints: What happened, and how did economists get it so wrong?

Most economists expected the April jobs report to show that employers had unleashed a torrent of new jobs, the latest piece of evidence that the economy was rapidly rebounding from the coronavirus pandemic. Instead, the Labor Department reported Friday morning that employers added a measly 266,000 jobs last month and the unemployment rate unexpectedly inched up slightly to 6.1%, confounding the rosy picture of the American labor market.-- More...

US labor secretary says unemployment insurance is 'temporary fix'

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