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The U.S. economy will need to add an average of roughly 433,828 jobs per month through the rest of the year to reach the Fed's 2021 target unemployment rate of 4.5%, according to data published Friday by the Atlanta Fed.
That assumes the participation rate holds steady at 61.7%, according to the regional Fed bank's monthly jobs calculator.
Job growth in April disappointed, with employers adding just 266,000 jobs when financial markets had anticipated a gain of close to 1 million. The unemployment rate inched up for the first time since last April, ticking up by a tenth to 6.1%. Recruiters and industry experts told MNI this week that a labor shortage is slowing the job market's recovery and incentives like higher wages and hiring bonuses may be needed to bring workers back. That contradicts some Fed messaging that the economy is nearing full recovery.