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May 07, 2021 1 min, 16 secs
economy's jobs rebound produced a dud in April, adding just 266,000 jobs despite vaccine progress, government stimulus checks and easing Covid restrictions.

The unemployment rate edged up to 6.1%.

The Nasdaq led the way, buoyed by lower Treasury yields, while the Dow Jones and S&P 500 touched new records after the jobs report.

The weak jobs report means that the Federal Reserve will kick the can on any discussion of tapering asset purchases for at least a few more months.

Wall Street discounts future growth based on the level of the 10-year Treasury yield, which fell near a two-month low on Friday.

Wall Street expected the April jobs report to show a gain of 998,000 jobs overall, including 853,000 private-sector jobs.

Economists expected the unemployment rate to fall to 5.8%.

Employers have said they're having trouble finding workers, despite high unemployment.

Be sure to read IBD's The Big Picture column after each trading day to get the latest on the stock market trend and whether investors have a green light for buying quality stocks at a proper entry point.

The household survey, which is used to derive the unemployment rate, showed the ranks of the employed rising 328,000, while the unemployed rose by 102,000.

The higher unemployment rate in April interrupted the downward trend after the jobless rate hit 14.7% in April 2020.

According to the monthly survey of households, 9.8 million Americans are unemployed, down from 23.1 million in April 2020, but up from 5.8 million in February 2020!

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