Unemployment Rate Hits A 10-Year Low In New Jobs Report
The U.S. economy added 211,000 new jobs in April, according to the jobs report released by the Bureau of Labor Statistics Friday.
The labor force participation rate remained at 62.9 percent during President Donald Trump’s third full month in office, its lowest since the late 1970s.
The 211,000 jobs figure beat Wall Street expectations of 190,000. The unemployment rate decreased slightly from March, ticking down from 4.5 percent to 4.4 percent. The new unemployment numbers are the lowest in ten years, according to the Associated Press.
“This steady and sustained increase in job creation equals new paychecks for American workers and income for American families,” Alex Acosta, the new Secretary of of the Department of Labor, said in statement Friday.
“Nonetheless, we have challenges ahead as we continue to focus on job growth, on bridging the skills gap and on expanding opportunity for all Americans,” Acosta asserted.
The Fed increased its benchmark interest rate a quarter of a point during its March 14 meeting, which was the second such increase in three months.
The unemployment rate continued to fall and rising wage growth coupled with job gains indicate an economy on the rise. The president has focused on manufacturing jobs, a sector that has seen steady growth since his election.
“It is important for the public to understand that we’re getting closer to reaching our objectives,” Federal Reserve Chair Janet Yellen said during a news conference following the March meeting. The Fed is expected to increase rates again in June, which would only be the fourth rate hike since the Great Recession.
The new numbers come the day after House Republicans passed a health care replacement plan. While Wall Street seemed to be riding high with the new administration, expectations were dialed back after experts grew concerned with Trump’s ability to push forward with his agenda after the first failed health care vote.
The business community has been vocal in its readiness to work with the president on infrastructure, tax, and regulatory reform.
Employment in mining rose by 9,000 in April, with most of the increase coming in support services. The financial activities sector added 19,000 jobs, bringing its year over year increase to 173,000.
Leisure and hospitality added 55,000 jobs, with employment in food services continuing to trend up. The industry has added 260,000 over the past year.
Employment in other major industries, including construction, manufacturing, wholesale trade, retail trade, transportation and warehousing, information, and government, showed little change over the month.
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