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From: Julius Wong	5/7/2021 9:11:47 AM
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Jobs report shocks to the downside, adding only 261K jobs in April May 07, 2021 8:31 AM ET By: Liz Kiesche, SA News Editor 178 Comments Nonfarm payrolls fall far short of economists' estimate of 998K in April, adding only 266K jobs, the Labor Department reports. Compares with the 770K jobs added in March; that number was revised from 916K. The unemployment rate increases to 6.1% from 6.0%, and also falls short of the 5.8% consensus. Economist Mohammed El-Erian said via Twitter the disappointing report "is less an issue of demand and more one of supply. But this only fuels a wider debate that involves a host of issues with different time dimensions." Average hourly earnings for private nonfarm payrolls rose by 21 cents to $30.17, after dropping 4 cents in March, spurring fears of inflation. That's up 0.7% M/M against the consensus estimate of no change.

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