Disappointing jobs report well below expectations

The U.S. added 266,000 jobs in April and the unemployment rate rose to 6.1%, calling economic recovery into question.
3:57 | 05/07/21

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Transcript for Disappointing jobs report well below expectations
Stocks are set to open lower as we got some breaking news on the economy this morning the US added 266000. Jobs in the month of April. And that was way below what analysts were expecting the unemployment rate also rose. The six point 1% ABC news business correspondent you to Bolton is here with more on August. Did your analysts were predicting a gain of about a million jobs so this is obviously very disappointing what happened. I think yes I have to say person for a sand I don't think that leases are recovering and bargains that I have ever seen economy is being used so wrong in their predictions I mean this is really a huge mess I receiving email and let some this morning I. Our everyday I haven't done this off on my calls since like in 1998. So huge surprises downside and I think something else that's a little bit troubling is not only more April's numbers disappointing. But even the march numbers eighteen and a lot lower than expected so if singing with different people losing listen. This is a marathon not a sprint as we get facts you re establishing our economic growth. There are still eight million jobs are missing from the economy. And one trader that I spoke with said listen we shot down our economy like a light switch and we just turned it off and never before. Have we done something like that when you dig a little bit deeper. There are these underlying issues we've been talking about these supply chain issues for example shortage of semiconductors and that sounds anecdotal but it is affecting all kinds of industries it's affecting all kinds of production. So you're hearing it from auto makers you're hearing it from electronics makers. And then more and more anecdotal evidence is coming into and that it's really hard for some businesses to a tractor workers. And then just our rebound is going to be clunky so why so many economists were so wrong in their ass amidst. That even by their own admission is not entirely clear but I think the consensus is that listen we are an unprecedented conditions. And the move back Sheen quote unquote normal. Is going to be clunky ally clung gear than anybody had anticipated Diane. As it did when you put this all together what does it tell you about where the economy stands right now and also. I'm trying to be optimistic here if a lot of these things are supply shortages for example. As things do return to normal presumably that will get better and demand we'll spy taken things that and start to improve much more quickly right. Yes I think it's kind of like being in a car and I'm learning to drive with somebody who's learning to drive on manual gears right it's is not a smooth ride and getting back to our economic and normal is definitely not going to be smooth. For you ask what this implies for our economy and I think it really miss set of data really calls into question achieve big things so the one is that. Really when you were speaking with people especially given yesterday's job indicator numbers you kinda had all this optimism what are just gonna be a V shape recovery we're gonna hit the ground running were back. Everything's open so I think what today's data center show poses OK hang on you know where we're not gonna just snapped back collect however and it's gonna take time so therefore our economic recovery may be longer that seek a way number one. And any other thing that I think we're just gonna have to monitor. Is this idea of workers how many people are willing to work they're so a lot of people who have to do you in person jobs. And even though hopeful being fingers crossed the worst of the pandemic is behind us there are still some people who are terrorists. Are not a 100% ready to be back in offices where back in work places there are still child care issues. Where people have not been able to resolve how they look after children and also work so. I think the second take away point it is. All of the problems even though the pandemic we seem to managing it better every single one of those problems is not gonna go away overnight eight. And it's just gonna take time Diane all right we have to be patient years involved and thank you. Senate.

This transcript has been automatically generated and may not be 100% accurate.

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