US Unemployment Rate Hits Ten-Year Low On Strong Job Growth

Economists had widely expected the number of new jobs created in April to rebound following a disappointing figure in March that was due primarily to inclement weather.

The jobs market added 533,000 new positions during the first three months of the year, in line with first quarters in 2016 and 2015. Overall, the US added 211,000 jobs in April compared with a revised 79,000-job gain the previous month.

Private service-providing industries added a net 173,000 jobs, led by gains in leisure and hospitality services, which added 55,000 during the month, and by health care and social assistance, which added 41,000.

Hamilton's unemployment rate fell to 5.4 per cent from 5.9 per cent.

With the labour market expected to hit a level consistent with full employment this year, payroll gains could slow amid growing anecdotal evidence that firms are struggling to find qualified workers.

The historically low rate comes with the caveat that a smaller share of Americans participate in the labor force this year, compared with a decade ago. Average hourly earnings rose by 2.5 percent from the previous year to $26.19, slightly slower growth than was seen in previous months. According to analysts' projections, if job creation remains strong, the U.S. labour market will likely hit full employment already this year. "The Fed will respond accordingly".




US payroll gains expanded at a faster pace in April, and the unemployment rate dropped to 4.4 percent, the lowest in a decade.

Nonfarm payrolls increased by 211,000 jobs in April, beating estimates of 185,000. More specifically, the overall unemployment rate might seem artificially lower than it actually is if fewer US citizens are working or actively looking for a job.

Economists surveyed were expecting job gains of 190,000.

The number of people who are sitting out work altogether remains historically high. April will be Trump's third jobs report. The agency reported that average hourly wages have increased by 65 cents over the course of 2017.

The new figures represent a continuing trend of steady economic growth stretching back to early in President Obama's term, though wage growth continues to lag behind. Overall veteran unemployment dropped to 3.7 percent, the lowest since last May, after two months of a 3.9 percent unemployment rate. As a result, jobless claim rate fell 0.6 percentage points in the same period.

(Copyright © 2015. All Rights Reserved.)
 
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