US jobs growth rebounds in April

US employers add strong 211000 jobs; unemployment 4.4 pct. - Live5News.com | Charleston, SC | News, Weather

A broad measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they can not find full-time employment, dropped three-tenths of a percentage point to 8.6 percent, the lowest level since November 2007.

The U.S. labor market "returned to form" in April as hiring rebounded from a tough March and unemployment dropped to its lowest level in almost a decade. And weak growth overseas, plus a strong dollar, depressed exports.

But, he added, "that's not a sign of weakness in the USA economy". The new unemployment numbers are the lowest in ten years, according to the Associated Press. Annual wage gains firmed most of a year ago, reflecting increased competition for workers amid low unemployment. It's a state, where employers have to pay up to hire, because it becomes hard to find workers.

April saw an average hourly earnings increase of $0.07 to a sum of $26.19.

Overall, the unemployment rate in the National Capital Region rose to 5.3 per cent, up from 5.1 per cent in March.

"Typically, you would say we actually have relatively tight labour markets, but it's just not generating wage growth". It shows that so far the job market under President Donald Trump closely resembles the one Barack Obama presided over in 2016.

Economists expected 190,000 job gains, according to the median estimate of a Bloomberg survey. All the job gains were self-employed and public sector.

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Experts attribute the gains, particularly in manufacturing, to the health of the global economy, less so on the optimism of Trump's promises for tax cuts, infrastructure and deregulation.

Nevertheless, the report indicates an increasingly strong economy with a constantly expanding labor market, which helps wash away some damage left from the recession. That is Ontario's lowest jobless figure since 2001. In 2009, it had topped 17 percent. For now, though, the job market remains on solid footing.

Experts caution that there are still areas of concern. Jobless rates for workers with higher degrees were generally flat.

Among the major worker groups, the unemployment rate for adult men declined to 4.0 percent in April.

Wage growth accelerated on a monthly basis to 0.3 per cent from a revised 0.1 per cent gain in March.

The figures could seal the case for another interest rate rise by the US Federal Reserve next month, despite wage growth remaining moderate.

Other analysts shared the view that it was now unlikely for the Fed to become more hawkish and consider more than the three rate hikes financial markets expect for the whole of 2017. It has raised rates a notch in December and March.

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