Weak jobs report shows the need for massive jobs and families bills, Biden says - CNBC
May 07, 2021 59 secs

Hours before Biden spoke, the Labor Department reported that hiring slowed dramatically in April, with nonfarm payrolls increasing by a much less than expected 266,000 and the unemployment rate rose to 6.1% amid an escalating shortage of available workers.

Dow Jones estimates had been for 1 million new jobs and an unemployment rate of 5.8%.

The weak jobs recovery also reflects what many economists say is a labor shortage across multiple sectors.

"I think this is just as much about a shortage in labor supply as it is about a shortage of labor demand," Jason Furman, an economist at Harvard University and a former Obama administration advisor, told CNBC.

So there are a lot of jobs out there, there is just still not a lot of labor supply.".

Republicans and some employers have blamed the labor shortage on what they say are overly generous unemployment benefits that were approved by Congress as part of the broad pandemic relief package.

"Today's report is a rebuttal to loose talk that Americans just don't want to work," he said?

The president also said the impact of unemployment benefits on labor markets was "nothing measurable."


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