In April, there was a tremendous 263,000 new hires while the unemployment rate fell to 3.6 percent which is the lowest in the past 50 years, since December 1969.
“Leaving aside month-to-month fluctuations, the labor market is still very strong, adding almost double the number of workers needed to keep pace with new entrants to the labor force in any given month,” said Eric Winograd, AllianceBernstein’s senior economist. “Wages may have been slightly tepid this month relative to expectations but are still growing at just about the highest rate this cycle, and the unemployment rate is at multi-generational lows.”
The level of unemployed people plunged by 387,000 in April, bringing the total level to 5.8 million. However, the ranks of the employed also declined by 103,000, according to the Labor Department’s household survey.
– Professional and business services led job creation with 76,000 new positions.
– Construction added 33,000, bringing to 256,000 the total new jobs created in the field over the past year.
– Healthcare rose by 27,000, bringing its 12-month total to 404,000
– Financial positions increased by 12,000, rounding out an increase of 111,000 in the 12-month period thanks largely to growth in real estate and rental and leasing.
– Social assistance increased by 26,000
– Manufacturing added 4,000.
– Retail, whose fortunes have fluctuated in recent months, saw a loss of 12,000 jobs.
(Image Courtesy of CNBC)