What You Need to Know About the April Jobs Report

Roman Schwartz
May 6, 2018

That would keep the central bank on track to raise interest rates in June for the second time this year and once or twice more after that in 2018. The Labor Department revised figures for March, with employers adding 135,000 jobs in March - nearly 30,000 more than previously estimated.

Mining employment increased by 8,000 jobs during the month, but employment was little changed in construction, retail and wholesale trade, transportation and warehousing, financial activities and government, the BLS said. Data for March was revised up to show payrolls rising by 135,000 jobs instead of the previously reported 103,000. Only the 1990s expansion was longer.

Much of the economy's durability is attributable to the healthy job market.

The tightening labor market is a result of a simple reality: when the working age population is barely growing, even moderate job growth is enough to significantly tighten the labor market.

The unemployment rate, meanwhile, slipped to 3.9% after holding at 4.1% for six months in a row.

The increase in construction jobs was expected with the onset of warmer spring weather in much of the northern U.S. Still, of those 17,000 jobs, specialty trade contractors gained 11,000, nonresidential building grew 5,000, and residential building advanced almost 4,000.

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"There's still hundreds of thousands of more people who will enter the workforce", he said. That's the lowest rate on record, and significant because black workers' unemployment is typically double that of whites. "It would have been 2.9 per cent if not for the hangover from Q4 storm-related spending on autos and home fix", said Chris Low, chief economist at FTN Financial, in a note. Wages dropped 4.7 percent. They grew 2.6% from a year earlier, slightly below economists' expectations. MarketWatch's Rex Nutting, meanwhile, says there's a more important number to pay attention to.

The job market is getting competitive, and people are able to request higher wages. "The 0.1% gain on the month, and 2.6% annual pace, were both a tick below the street's forecast and there was a slight downward revision to the prior month as well".

The Federal Reserve is likely to view the stable rate of pay as a sign of support for its cautious strategy of raising USA interest rates.

The NFIB report said 57 percent of responding small businesses said they were hiring or planning to hire in April, up from 53 percent in March. Professional and business services added 54,000 jobs, health care added 24,000, and manufacturing posted an increase of 24,000 jobs.

In the past three months the United States has added an average of roughly 208,000 jobs.

"It's a robust pace given where we are in the cycle", Panday said. "The big thing to me was cracking 4", Trump told reporters. "3.9% Unemployment. 4% is Broken!" he said on Twitter. More than 3.1 million jobs have been created since President Trump was elected, including 316,000 new manufacturing jobs and 363,000 new construction jobs.

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