Trump Economy: April Unemployment Numbers at a 10-Year Low
- Author: Darren Santiago May 12, 2017,
May 12, 2017, 0:37
More broadly, the USA labor market has added jobs every month since October 2010, a long stretch that has slowly repaired much of the damage from the Great Recession and allowed the Fed to start raising short-term interest rates from near zero.
The market added an average of 185,000 jobs a month this year, matching last year's pace, reports CBS.
The services sector shed 1,000 jobs, with fewer positions in the accommodation and trade sectors, though this was partly offset by hiring in the educational and healthcare industries.
The biggest payroll gains were in leisure and hospitality, which added 55,000 jobs, and health care and social assistance, which added 36,800.
The unemployment rate back in March for Northeast B.C. was at 6.5%.
The unexpected drop pulled the unemployment rate down to its lowest level since a matching rate in May of 2007.
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The unemployment rate, meanwhile, fell to 4.4%, a 0.1% improvement on March that took it to the lowest level since May 2007. Economists look past the official unemployment rate - that 4.4 percent figure, also known as the "U-3" - to other metrics that give their own view of jobs in the country. "The Fed will respond accordingly".
The US central bank raised its overnight interest rate by a quarter of a percentage point in March and has forecast two more increases this year. The Department of Labour reported that USA firms added 211K jobs to the economy in April, following the preceding month's revised down increase of 79K jobs and surpassing analysts' expectations for a 194K gain.
Wage growth accelerated on a monthly basis to 0.3 per cent from a revised 0.1 per cent gain in March.
But while critics keep hammering the commander-in-chief, there is one area where he appears ahead of his predecessor: the latest jobs reports.
Despite overall employment growth, wage increase remained tepid.
"What you're seeing now is more minimum-wage type jobs", said Skip Aylesworth, a portfolio manager for Hennessy Funds. Over the year, the unemployment rate has declined by 0.6 percentage point, and the number of unemployed has fallen by 854,000, the bureau said. As the economy expands and more people who want jobs are able to find them, employers should have to compete more to find talented people - which should force them to offer higher wages.