Hiring slowdown tests U S job market rebound
The April payroll gain slipped to 266000, far below forecast as virus fears keep workers away and firms face supply snarls. Despite four straight hiring months, unemployment edged to 6.1 percent while wages rose 0.7 percent to 30.17 dollars. Treasury officials warn of ongoing disruptions amid a bumpy recovery.
MENTIONED IN THIS ARTICLE
America
Labor Department
Daniel Zhao
Glassdoor
Stocks Rally To Records As Jobs Data Dulls Hopes
The S&P 500 rose 0.7 percent and hit a record as the Dow marked a third straight all time high. Tech shares led gains across energy, industrial and consumer discretionary sectors while April payrolls showed only 266,000 jobs, far below forecasts. Investors expect rates to stay low, bolstering the housing and employment outlook as vaccinations continue.
MENTIONED IN THIS ARTICLE
Wall Street
Peter Essele
Commonwealth Financial Network
Federal Reserve
Women leave U.S. labor force again in April
The April data show 165000 women age 20 and up withdrew from the labor force, the first drop since January, signaling a potentially uneven jobs recovery. Latina labor force shrinkage leads, with Black women also down as schooling and care needs weight on female employment.
MENTIONED IN THIS ARTICLE
U.S
U.S. Department of Labor
Wall Street and India's COVID crisis strain back offices
The Bangalore back office hub for Goldman Sachs UBS and others sits largely empty as India battles rising cases. Thousands of workers face illness and supply shortages while banks report delays in card services balance transfers and rewards programs. The disruption tests offshore outsourcing as vaccination drives aid other regions. Global analysts warn the problem is a worldwide crisis not confined to India.
MENTIONED IN THIS ARTICLE
Wall Street
Bangalore
Goldman Sachs
UBS Group
India
Standard Chartered
UBS
Wells Fargo
Hyderabad
D.D. Mishra
Gartner
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Bank of America
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