Weak jobs report spurs new arguments over big fed spending

arguments fed spending weak report
Egypt
  • Date: 08-May-2021
  • Source: Egypt Independent
  • Sector: Economy
  • Country: Egypt
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Weak jobs report spurs new arguments over big fed spending

WASHINGTON (AP) — President Joe Biden insists an unexpected slowdown in companies’ hiring is clear new proof the US needs the multitrillion-dollar federal boost he’s pushing. But his sales effort is challenged by critics who say Friday’s jobless figures show his earlier aid legislation — successfully rushed through Congress — is actually doing more harm than good.

Biden’s promised economic comeback hardly stalled on Friday. But it seemed to sputter a bit with a report that found merely modest April job gains of 266,000 and complicated his new $4 trillion push for infrastructure, education and children.

The employment report failed to show that the US economy was accelerating so much as stutter-stepping along as the unemployment rate ticked up to 6.1%. Economists had projected roughly one million added jobs last month, and the modest hiring indicated that the earlier $1.9 trillion coronavirus relief package has provided an uneven boost so far.

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