The U.S. economy is continuing its slow but positive recovery, adding 160,000 new jobs during the month of April, according to a federal jobs report released Friday.
The Bureau of Labor Statistics (BLS) found that while the economy is improving, growth has been even slower than in previous months. The latest jobs report shows the economy picked up 160,000 new jobs, while unemployment remained unchanged at roughly 5 percent. The economy is still facing problems, as many are suffering from long-term unemployment.
“Total nonfarm payroll employment increased by 160,000 in April,” the report noted. “Over the prior 12 months, employment growth had averaged 232,000 per month. In April, employment gains occurred in professional and business services, health care, and financial activities, while mining continued to lose jobs.”
The economy is still showing signs of trouble, with the labor force participation rate remaining at dismal numbers. It decreased slightly to 62.8 percent after a slight increase the month before. The participation rate tracks the number of employed as a percentage of the population — unlike the unemployment rate — and those people who are no longer seeking work.
“Today’s meager jobs number is reflective of the weakness in the broader economy, which still has not completely recovered from the Great Recession,” Job Creators Network President Alfredo Ortiz said in a statement. “To truly get the economy working again, we must address the overregulation, overtaxation, and lack of access to credit that are holding businesses – and the labor market – back.”
Business services saw the most significant increase of new jobs at 65,000, followed closely by healthcare and the financial services sector. Mining, on the other hand, continues to see a decline in employment by loosing 7,000 jobs. Mining has decreased by 191,000 jobs total since reaching its peak in September 2014.
Average wages also increased in the month of April continuing a slow, yet positive trend. Increased wages could be caused by a multitude of factors but can indicate positive economic trends.
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