United States unemployment falls to 10-year low

Debra Rodriguez | 12 May, 2017, 01:28

The Bureau of Labor Statistic releases jobs figures for each month on the first Friday of the month that follows.

Employers added 3,200 jobs last month, short of economists' forecasts for a gain of 10,000.

In the new jobs report that came out Friday morning, some of the biggest gains came in leisure and hospitality, health care and social assistance, financial activities, and mining.

In the week ending April 29, initial claims for unemployment insurance fell 19,000 to 238,000.

With the labor market expected to hit a level consistent with full employment this year, payroll gains could slow amid growing anecdotal evidence that firms are struggling to find qualified workers.

Perhaps even more interesting, racial disparities continue to thrive, even with the-albeit slowly-falling unemployment rate.

The report said the USA added 211,000 nonfarm jobs in March, while the unemployment rate improved by one-tenth of a point from March to 4.4 percent - its best mark since May 2007. "The Fed will respond accordingly".

She said the better-than-expected jobs report makes it likely that the Federal Reserve will initiate its next rate increase at its June policy meeting.

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The rate reduction was fostered by an 211,000 increase in nonfarm payrolls.

Following lower job growth in March, federal economists also reported that the US economy expanded at its slowest pace in three years in the first quarter, a figure attributed to persistent measurement issues.

Economists surveyed by CNNMoney predict the USA economy added 190,000 jobs in April, which would be far better than the 98,000 jobs added in March. However, hourly wages expanded by 0.7 per cent in April, the slowest year-over-year growth since it started collecting that data in January 1997.

It's the third jobs report since President Donald Trump took office.

The jobless rate for veterans who have served in the armed forces anytime since September 2001 dropped to 3.9 percent from 5 percent in March.

Several economists say April was a disappointing month for job growth in Canada.

Fed policymakers held its key interest rate steady this week but signaled that they remained on pace for two more small hikes this year, a vote of confidence for stronger economic growth.

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United States unemployment falls to 10-year low

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