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Home / Business / Unemployment rate drops to 3.9% for April, but work report called mixed bag

Unemployment rate drops to 3.9% for April, but work report called mixed bag



WASHINGTON – The US employment market improved slightly last month, creating 164,000 net jobs, while the unemployment rate reached a new milestone and dropped below 4 percent for the first time since 2000, the Labor Department said Friday. [196592002] But while job growth rebounded from a disappointing March figure, which was revised up to 135,000 on Friday, other aspects of the tightly-controlled monthly report were lackluster. And the decline in the unemployment rate was for a bad reason: the number of people in employment fell for the second month in a row.

The overall unemployment rate dropped to 3.9 percent in April. The Arkansas unemployment rate was 3.8 percent in March, the most recent survey

Overall, the data show a labor market that is resilient in the face of a possible global trade war, but whose growth slows as recovery from the recession in that country Month became the second longest in US history.

"This job report is really a mixed affair," said Mark Hamrick, senior business analyst on the financial information website Bankrate.com

The profits reflect an economy has been steadily growing for nearly nine years and has continued after the severe collapse of the economy Financial system since the Great Depression in the 1

930s gradually brought more people to work.

"It's a Groundhog Day kind of employment report," said Michael Gapen, chief economist of the US government at Barclays PLC, regarding the film in which the actor Bill Murray returned the same day relived again. "It's basically the same report we've had over the last five years, which has clearly been considered good news in the past, but my message to customers is that the more I get to such a report, the more I get it." 39; I believe we are nearing the end of the cycle. "

Many employers say that finding skilled workers is difficult. Nevertheless, they have not significantly increased wages in most industries. The average hourly wage rose by 2.6 percent over the previous year.

Many economists say the unemployment rate is now so low that wage growth should rise this summer as employers have to put more pressure on wages to hire workers. 19659002] "It's simply not sustainable that average pay growth is so low in such a tight job market," said Andrew Chamberlain, chief economist at the Glassdoor job board.

An encouraging sign for the economy is the pace of new hires Dramatic global market fluctuations, the recent surge in inflation or the risk that the tariffs driven by President Donald Trump could provoke a trade war still need to be disrupted. In the past three months, monthly employment growth averaged 208,000

Much of the sustainability of the economy is due to the healthy labor market. The increase in salary earners has boosted demand for housing, although fewer properties are offered for sale. Consumer confidence has improved over the past year. More and more people are buying and retail sales are up after three monthly drops in March.

Manufacturers added 24,000 workers last month, a sign that possible tariffs on steel, aluminum and Chinese goods have not changed hiring plans in the US Factories. Restaurants and hotels rented 18,000 net. The health and social care sector has created 29 300 jobs and the construction industry 17 000 jobs.

The monthly employment reports still show a steady increase in average annual wage growth. However, private sector workers enjoyed their sharpest average earnings growth in 11 years in the first three months of 2018, the Labor Ministry said in a separate report on compensation last week.

This wage growth points to some of the momentum The slow but steady recovery from the financial crisis in 2008 has affected more people, having benefited disproportionately from the country's richest areas and highest earners.

"Sooner or later, workers will run out on recovery." Alan Krueger, a professor at Princeton University, said on Bloomberg Television.

With qualified candidates harder to find in many industries, employers will be less willing to dismiss employees. The four-week moving average for those applying for unemployment benefits has reached its lowest level since 1973.

The trend reflects a decline in mass redundancies. Many companies expect the economy to continue to expand, especially after Drump has implemented some tax cuts, which also increased the federal budget deficit.

Inflation has accelerated slightly, undermining part of potential wage growth. Consumer prices rose 2.4 percent year-on-year in March, the strongest annual increase in 12 months. The Federal Reserve has an annual inflation target of 2 percent, and investors expect the Fed to raise interest rates at least twice this year, following an earlier rate hike in March, to prevent inflation from rising too much above this target The home market, a critical component of the US economy, benefited from steady employment growth. The National Association of Realtors announced that homes were sold at a solid annual rate of 5.6 million in March, although the number of houses for sale has fallen. As a result, average house prices are rising more than twice as fast as wages.

The information in this article is from Jim Puzzanghera of the Los Angeles Times; by Josh Boak of The Associated Press; and Katia Dmitrieva of Bloomberg News.

shop on 05/05/2018


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