After a promising March jobs report, expectations for April were hopeful. Unfortunately, the April jobs report showed overall disappointing numbers. Independent wealth management advisor Josh Smith of Strategic Wealth Designers joined us on the newscast to discuss the current state of unemployment in America.
“According to the jobs report released last Friday, unemployment is at 6.1%,” Smith says. “This is up from the 6.0% in March, so it is a little disappointing. Only 266,000 payrolls were added to the job force in April, which is far less than the expected 1 million. This leaves the US at 8.2 million fewer jobs than February 2020.”
Labor demand is currently very strong, which means filling open positions is part of the problem. Firms are having difficulty recruiting employees, and 44% of small business reported having job openings that they could not fill in April. This is higher than the 42% reported in March.
“Some sectors did see success in April,” Smith says. “Leisure and hospitality had growth that was much needed. At the end of the day, it’s just one month, so we can still hope for a better month ahead in really determining how well the economy is bouncing back.”
There is still much room for improvement from pre-pandemic employment levels. To see additional stories surrounding business and economic news for the Indianapolis area, visit https://CBS4Indy.com/Strategic-Wealth and if you have a question for Josh send an email to firstname.lastname@example.org.