"We've continued to add jobs routinely every month for so long, and the unemployment rate we have reached is awesome". That print was below the consensus expectation of 190,000 new jobs, and only marginally better than the upwardly revised 135,000 print from March.
That was still the fewest amount of jobs created in six months and followed an outsised gain of 324,000 in February. The deceleration in wage growth was more surprising to us, especially given such signs of labor market tightness.
The unemployment rate among African Americans dropped to 6.6 percent, the lowest since the Bureau of Labor Statistics began tracking it in 1972.
In all, the number of people receiving aid dropped 77,000 to 1.26 million after April 21.
The data pushed the dollar up against the pound and euro. Stocks opened little changed but gained in mid-morning trading, with investors appearing to believe the figures lessened the likelihood the Fed will wind up having to raise rates in December.
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Labour's finance spokesman John McDonnell said: "You can smell the undoubted odour of a government decomposing ". Some people who do not have the paperwork to prove they are in the United Kingdom legally have been detained.
But despite these gains, wage increases have barely kept pace with inflation. The smaller pool of available workers usually leads to increased wages because companies have to compete to hire people.
The average work week for all private employees was unchanged, at 34.5 hours. The central bank's key rate is now 1.5-1.75 per cent. The Federal Reserve this week signaled it would not overreact to an uptick in inflation but it could face mounting pressure to act more aggressively in the coming year.
Economists interpreted symmetric to mean policymakers would not be too concerned with inflation overshooting the target. "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".
"Just that: unemployment is 3.9%". But a deeper look into the numbers suggests that it was April's 236,000 decline in the labor force that caused the unemployment rate to dip so low. Black unemployment was the lowest on record and for women, it was the lowest since 2000. 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. Let's go inside the latest jobs report as leading executive recruiters weigh in. Hospitals added 8,000 jobs last month, down from 9,900 jobs in March. As the BLS said, "Over the past 12 months, the industry has added 518,000 jobs".
Payrolls for temporary help, seen as a harbinger of future permanent hiring, rose by 10,300 after falling by 2,100 in March.