April job growth dips lower

An increased shortage of available workers contributed to disappointing job growth in April. Labor department data shows the unemployment rate rose to 6.1 percent and total nonfarm payroll employment rose by 266,000. This was below the Dow estimate of 1 million new jobs and rate of 5.8 percent.

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% amid an escalating shortage of available workers.

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 jobs 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.