April’s expected hiring boom goes to bust as nonfarm payroll gain falls well short of estimates

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Hiring was a huge letdown in April, with nonfarm payrolls increasing by a much less than expected 266,000 and the unemployment rate rose to 6.1%.

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

Many economists had been expecting an even higher number amid signs that the U.S. economy was roaring back to life.

There was more bad news: March’s originally estimated total of 916,000 was revised down to 770,000, though February saw an upward revision to 536,000 from 468,000.

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