What’s behind disappointing job numbers?

The U.S. economy added 266,000 new jobs in April, according to the Bureau of Labor Statistics. While that figure shows the country is continuing to recover from the depths of the coronavirus recession, it falls well below the 1 million jobs that many forecasters had expected. That shortfall has raised concerns that the economy may not bounce back to its pre-COVID levels and instead may be primed for a slow, sluggish recovery.

The unemployment rate rose slightly to 6.1 percent last month. That represents a significant improvement from where it...