Economists had projected the economy would add a million positions as vaccines and government stimulus measures allow business to return to normal in the world’s largest economy. — Reuters picNEW YORK, May 8 — Wall Street indices ended at fresh records yesterday, while the dollar tumbled after disappointing US jobs data fuelled confidence of continued fiscal and monetary support as the economy recovers from Covid-19.
That amounted to a “bust,” according to Cresset Capital’s Jack Ablin, while economist Joel Naroff characterised it as an “aberration” that belies other indications of a strengthening labour market. The weak April jobs data will also quiet talk of a sudden shift in Federal Reserve monetary policy, analysts said.
With major economies led by the United States and China reopening after last year’s pandemic shutdowns, industries are ramping up production, pushing the cost of materials ever higher as traders also worry about a lack of supply caused by the pandemic.
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