Disappointing Jobs Report Raises Recession Fears

Employment Climbs Much Less Than Expected In April

Disappointing Jobs Report Raises Recession Fears

U.S. economy is adding jobs at a far slower pace than expected following the COVID-19 pandemic.

The U.S. economy added a disappointing 266,000 jobs in April, well below the 1 million economists had forecast. The unemployment rate held steady at 6.1%. The Labor Department's report released Friday showed that the economy is adding jobs at a far slower pace than expected following the COVID-19 pandemic.

The report also showed that wages are rising at a slower pace than expected. Average hourly earnings rose by just 0.3% in April, to $31.85. That's below the 0.5% increase economists had forecast.

The disappointing jobs report has raised concerns about the strength of the U.S. economy. Some economists say that the economy may be headed for a recession.

The Federal Reserve is expected to raise interest rates later this year in an effort to cool inflation. Higher interest rates could slow the economy further.

The disappointing jobs report is a reminder that the U.S. economy is still recovering from the COVID-19 pandemic. It's too early to say whether the economy is headed for a recession, but the jobs report is a cause for concern.