Analysts see 1 million more jobs created in US in April

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FILE PHOTO: Construction workers wait in line to do a temperature test to return to the job site after lunch, amid the coronavirus disease (COVID-19) outbreak, in the Manhattan borough of New York City, New York, U.S., November 10, 2020. REUTERS/Carlo Allegri

Analysts expect Friday’s official jobs report for the month of April to show about 1 million new payrolls, and signal continued growth of the labor force in the U.S. economy.

Most forecasters expect the jobs number to be between 970,000 and 1 million for April and an unemployment rate down slightly to about 5.8 percent.

“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.

The domestic economy is expected to grow by 10 percent or more in April, which is expected to be the peak month for growth.

Most economists expect to see more than 1 million new jobs in each of the next few months as more Americans are vaccinated against Covid-19 and return to the workforce.

ADP and Moody’s Analytics reported in their private assessment Wednesday about 740,000 new jobs in April.

Forecasters said the increase in jobs signals continued strength in the economy.

The Labor Department said last month that the U.S. economy added about 916,000 jobs in March.

President Joe Biden is scheduled to speak about Friday’s jobs report at the White House and Treasury Secretary Janet Yellen will give remarks at a separate briefing.

Despite the good economic news, the U.S. economy still has a lot of ground to make up to return to pre-pandemic labor levels. There were about 8.4 million fewer jobs in March than in the pre-Covid-19 levels before February 2020.

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