Economists had expected the economy to add 490,000 jobs and the unemployment rate to tick down to 3.7 percent.
Economists had expected the economy to add 490,000 jobs and the unemployment rate to tick down to 3.7 percent from 3.8 percent. The range of forecasts by economists surveyed by Econoday was between a gain of 200,000 to a gain of 700,000.
The economy rebounded from the pandemic much faster than expected. The labor market, in particular, quickly recovered much of the damage down by 2020’s lockdowns and social distancing, with the unemployment rate dropping much faster than expected.
Thnks to unusual trade imbalances shipping containers scarce in some places while containers sat empty in others. But even as that was resolved, U.S. ports around Los Angeles were overwhelmed with incoming ships, forcing long delays. U.S. companies, fearful of shortages around the holidays, scrambled to fill shelves and warehouses early and warned consumers to do their shopping early.
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