Markets

U.S. payrolls rise 164000 while jobless rate falls to 3.9%

U.S. payrolls rise 164000 while jobless rate falls to 3.9%

The last time the national unemployment rate was that low was March 2014, as the economy was exiting the Great Recession. Monthly job gains have averaged about 200,000 this year, more than the roughly 120,000 needed to keep up with growth in the working-age population.

Average hourly pay in the private sector rose 2.6% year-on-year to $26.84 while the average hourly wage in the private sector increased by only 0.1% over the month.

The largest jobs increase in April was in professional and business services, 54,000 jobs, followed by manufacturing and health care at 24,000 jobs each, according to the May 4 report.

And although millennials constitute 35 percent of America's workers, they're more likely than previous generations to have attended college - and less likely to have picked up a trade at vocational school.

The median estimate of analysts was for a gain of 193,000 jobs, with projections ranging from 145,000 to 255,000.

Senate panel approves bill to protect special counsel
Asked whether firing Mueller would constitute grounds for impeaching Trump, Leahy responded: "it would depend why he did it". Democrats held out hope that McConnell, a Kentucky Republican, would allow a vote on the legislation after Trump's comments.


"Today's jobs report reinforces a number of themes we have emphasized: (1) U.S. growth is set to accelerate in Q2, even as the rest of the world may be slowing, (2) the unemployment rate is likely to drop faster than Fed expectations, and (3) despite strong economic growth and a low unemployment rate, inflationary pressure remains muted", Citibank said. 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. Some analysts warn that wage growth in the USA remains relatively weak, suggesting that the U.S. labor market may be less healthy than it appears. However, the slow-but-steady growth rate may still be enough to convince the Federal Reserve to keep raising rates to keep inflation in check. It's a "perfect storm of labor market and cultural transformation", Henderson said. According to the Conference Board, consumer confidence is near an 18-year high. There has been an increase in reports of employers, especially in the construction and manufacturing sectors, struggling to find qualified workers.

The trend reflects a decline in mass layoffs.

"There's what appears to be hesitancy on the part of employers to raise wages", Cathy Barrera, chief economist for ZipRecruiter, told MoneyWatch Thursday. Over the past year, wages have come up by an average of 67 cents, or 2.6 percent. Once you control for that, wage growth is right about where you would expect it to be.

Recent signals imply the US will finally see that smaller number.

The S&P 500 Index and Dow Jones Industrial Average traded nearer to their year-to-date nadirs than their year-to-date highs -although just about on pace with the former all-time highs struck at the end of 2017 - and Walmart Inc (NYSE: WMT) is atop the Fortune 500 with $485.9 billion in annual revenues. This article is strictly for informational purposes only.


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