April jobs expected to top 1 million as consumers boost the economy

  • Date: 07-May-2021
  • Source: CNBC
  • Sector:Retail
  • Country:Middle East
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April jobs expected to top 1 million as consumers boost the economy

Job growth in April could top 1 million, though many positions also may have gone unfilled.

Economists expect to see job creation in each of the next several months of over 1 million, as more Americans are vaccinated and the economy booms. According to Dow Jones, economists expect 1 million jobs were added in April, and the unemployment rate fell to 5.8% from 6% in March.

"We'll get a good number, which is great. It's just so nice to see numbers that are encouraging compared to the gut-wrenching numbers we had a year ago," said Diane Swonk, chief economist at Grant Thornton.

April is the first month of the second quarter, which is expected to be the peak in terms of growth. The gross domestic product is expected to grow by 10% or greater.

"Mass vaccinations and the easing of business restrictions likely supported rapid job growth in virus-sensitive industries, including leisure and hospitality, retail, and education (public and private)," note economists at Goldman Sachs. They expect job growth of 1.3 million.

The April employment report is also being widely watched in markets because of the Fed's pledge to keep its zero rates policy and other easing measures in place until it believes the jobs