Falls to 4.4% —>
Fox Business reported today that the unemployment rate fell to 4.4 percent, its lowest rate since May 2007, and the U6 “underemployment” rate fell to its lowest rate since before the 2008 recession at 8.6 percent.
Job creation bounced back from a disappointing number in March, with 211,000 jobs added in the month of April. Interestingly, there was only a slight uptick in the number of manufacturing jobs created.
Wages grew by seven cents per hour last month raising the annual pace to 2.5 percent.
Read the full report below:
CNBC – Job creation in April bounced back from a disappointing March, with nonfarm payrolls growing by 211,000 while the unemployment rate fell to 4.4 percent, its lowest since May 2007.
Economists surveyed by Reuters had been expecting payroll growth of 185,000 and the headline jobless rate to tick up one-tenth to 4.6 percent. The payroll increase nearly tripled the dismal March number.
Wages grew seven cents an hour to an annualized pace of 2.5 percent.
The unemployment rate dropped even as the labor force participation rate edged lower to 62.9 percent. The employment-to-population ratio increased to 60.2 percent, its best showing of 2017 and the highest level since February 2009.
“This just adds to the perception that it’s going to be easier and easier to find a job if you want one these days,” said Brian Coulton, chief economist at Fitch Ratings. “It’s job security that causes people to ask for wage rises. If it’s easier for them to get a job outside their company, they’re more likely to push for higher wages.”
An alternative reading on the unemployment rate that includes those not actively looking for jobs as well as those working part-time for economic reasons dropped to 8.6 percent from 8.9 percent in March, the best reading since November 2007. Those counted as not in the labor force swelled to 94.4 million but was countered by an increase of 156,000 counted as employed, according to the household survey.
Job growth was concentrated in lower-paying areas, with leisure and hospitality adding 55,000 positions. Health care and social assistance rose 37,000, financial activities grew by 19,000 and professional and business services grew by 39,000.
President Trump’s economic agenda is already paying dividends for job growth and prosperity in America. However, a manufactured crash sparked by intentionally volatile Federal Reserve policies could still be on the horizon.
Stay awake and stay vigilant.