United States jobs growth slowed in April, unemployment rate dropped to 3.9%

Donald Trump

The slowdown last month followed an increase in employment growth that managed to reach 313,000 new jobs.

The report shows an increase of 800 jobs over the number of people employed in the legal industry in March.

That was still the fewest amount of jobs created in six months and followed an outsised gain of 324,000 in February. But that figure understates the employment improvement, since March's level was revised upwards by +30,000.

"Wage growth picking up would suggest the labor market is tightening and that the Fed could have to move more aggressively", said Matthew Luzzetti, a senior economist at Deutsche Bank.

Employers added a modest 164,000 jobs in April, pushing the nation's unemployment rate down to 3.9 percent, the Labor Department said Friday. Many economists consider a sub-4 percent unemployment rate unsustainable over the long term.

But for much of the expansion, many people have felt left behind.

Gould said that the unemployment rate can fall for the right reasons - more people are working - or because of other structural factors, like a drop in labor force participation.

US employers are expecting hiring to pick up in the second quarter, with one in five planning to add staff, according to the latest "Employment Outlook Survey", by ManpowerGroup.

The data pushed the dollar up against the pound and euro. The jobless rates for adult men (3.7 percent), teenagers (12.9 percent), Whites (3.6 percent), Blacks (6.6 percent), Asians (2.8 percent), and Hispanics (4.8 percent) showed little or no change over the month.

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Workers in the private sector are enjoying the sharpest average income growth in 11 years.

"In April, the rise in average weekly earnings amounts to an annual increase of approximately $1,300 - a real boost for American families".

"Wages haven't been able to break out of the 2.5% to 2.8% range", Panday said.

Hourly wages moved up by just 4 cents, to $26.84.

"The state of the economy is now quite strong, compared to what we've seen in recent years", said Shawn Baker, president of Rochester, NY-headquartered executive recruiting firm Cochran, Cochran & Yale.

Policymakers at the Federal Reserve, the USA central bank, watch the...

Economists interpreted symmetric to mean policymakers would not be too concerned with inflation overshooting the target. Even the most hawkish will now be thinking twice about the prospect of three more rate hikes this year. Unemployment dropped to 3.9%, the lowest since December 2000. Wage growth did pick up somewhat last month but it still remains sluggish. A decreasing unemployment rate would seem to be good news! Hospitals added 8,000 jobs last month, down from 9,900 jobs in March.

Scott Paul, president of the Alliance for American Manufacturing, noted that the US manufacturing sector has gained 166,000 jobs in the past six months.

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