Saturday, 08 May 2021 07:35 AM MYT
Biden said such setbacks are not unusual during recoveries, and the report undermined criticism that his massive spending programmes were not needed since the economy was already recovering. On Wall Street, the Dow and S&P 500 finished at record highs, with investors regarding the weak report as improving the chances Biden’s spending plans are approved and the Federal Reserve keeps interest rates lower for longer.Unemployment surged in the United States when the Covid-19 pandemic began in March 2020, but has declined in the year since, aided by the vaccines and three massive government rescue packages.
Meanwhile, some business groups like the US Chamber of Commerce argue that generous pandemic unemployment benefits are making it hard for firms to fill open positions.
Source: Financial Digest (financialdigest.net)
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