Unemployment Rate Hits Lowest Level Since 2007

Unemployment Rate Hits Lowest Level Since 2007

Unemployment Rate Hits Lowest Level Since 2007

The job market surpassed expectations in April with 211,000 added jobs, and unemployment dropped to its lowest rate in 10 years. But relying on that one headline number as an indicator for the economy as a whole ignores important information just below the surface. According to analysts' projections, if job creation remains strong, the USA labour market will likely hit full employment already this year.

USA payroll employment gains expanded at a faster pace in April, and the unemployment rate dropped to 4.4 per cent, the lowest in a decade, media reports said.

The government revised its job figures for February up from a gain of 219,000 to a new total of 232,000; the change for March was revised downward from a gain of 98,000 to 79,000.

The drop in youth participation helped push the jobless rate down by 0.2 percentage points in April even though overall employment was nearly unchanged.

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In other words: the unemployed, the underemployed and the discouraged. The unemployment rate hasn't been this low since May 2007-and that matched the lowest rate of any point during the prior expansion. The U-6 has seen significant improvement in that time, but still remains higher than before the recession. The unemployment rate for wholesales and retail trade decreased 1.1 points to 4.2 percent.

Statistics Canada said 285,000 people were working in the Kitchener-Cambridge-Waterloo census metropolitan area in April, up from 281,300 in March. "The fact that we are still quite a way away from [the Fed's target of] three percent wage growth means that there is no real pressure on the Fed to accelerate the pace of interest rate hikes", he added.

The participation rate has fallen significantly since its high around the year 2000, likely due to demographic shifts like baby boomers retiring.

Other economic metrics have been more positive.

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The participation rate hit its peak in 2000 or so, but has notably dropped since then.

"This steady and sustained increase in job creation equals new paychecks for American workers and income for American families", Labor Secretary Alexander Acosta said in a statement Friday. Economists had expected wage growth to remain unchanged. "The re-acceleration in jobs should assuage fears that economic growth is slowing in any meaningful way". The agency reported that average hourly wages have increased by 65 cents over the course of 2017. That's a 2.5 percent increase from a year ago, but some economists expect that to get to 3 percent by the end of the year. In fact, those three sectors accounted for less than 6 percent of April's job growth.

There were job gains of 3,200 last month, though Statistics Canada considers that statistically insignificant.

Leisure and hospitality saw 55,000 jobs added in April, health care and social assistance gained 37,000 jobs, social assistance gained 17,000 jobs, financial activities gained 19,000 jobs, while mining added 9,000 jobs.

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Employment in professional and business services continued to trend up in April (+39,000).

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