Hiring was a huge letdown in April, with nonfarm payrolls increasing by a much less than expected 266,000 and the unemployment rate rose to 6.1% amid an escalating shortage of available workers.
Dow Jones estimates had been for 1 million new jobs and an unemployment rate of 5.8%.
Many economists had been expecting an even higher jobs number amid signs that the U.S. economy was roaring back to life.
There was more bad news: March’s originally estimated total of 916,000 was revised down to 770,000, though February saw an upward revision to 536,000 from 468,000.
However, markets had only a mild reaction to the bad news, a sign that investors expect the Federal Reserve to keep its ultra-easy…