US added just 266,000 jobs in April, far below 1 million expected

The US added just 266,000 jobs in April — far below economists’ expectations of 1 million — and the unemployment rate rose slightly to 6.1 percent, the feds said Friday.

The lower-than-expected data comes on the heels of strong gains in March, which saw 770,000 jobs added, about 150,000 lower than initially estimated, according to revised data published Friday.

“Notable job gains in leisure and hospitality, other services, and local government education were partially offset by employment declines in temporary help services and in couriers and messengers,” according to Friday’s closely watched jobs report from the Bureau of Labor Statistics.

While many economists remain bullish on the future of the recovery — so long as vaccinations and public health measures continue to keep the coronavirus at bay in the US — some economists are emphasizing patience as the country maneuvers what could be a bumpy path to economic growth.

“The disappointing figure emphasizes the path to recovery in the labor market is not as linear as some market participants are expecting,” said Charlie Ripley, senior investment strategist for Allianz Investment Management, adding that the data indicate lower-paying jobs haven’t yet come back. “Overall, the weaker-than-expected employment data validates the Fed’s stance that patiently waiting for progress in the labor market recovery before preemptively scaling back accommodation was the correct policy action.”

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