The April jobs report is out, and it shows the unemployment rate fell to 3.9 percent in April, representing an 18-year low. This came as there were only 164,000 jobs created, according to a report Friday from the Bureau of Labor Statistics. For a reference point, the economy added approximately 208,000 jobs per month in 2017.
The slowdown is to be expected, however, given that the unemployment rate can only go so low. The economy is currently at what’s considered “full employment,” meaning virtually anyone who wants to work can. Most of the unemployment currently in the economy is frictional (due to people moving from one job to another).
While unemployment continues coming down, the labor force participation rate has remained unchanged at 63 percent. While the labor force participation rate stayed the same, 410,000 Americans did still drop out of the labor force (mainly due to retirement), bringing the total labor force to 95.74 percent.
Their leaving the labor force is the main reason why unemployment dropped below 4 percent in April.
Here are some other important figures:
- Average hourly earnings number rose by 4 cents, equating to a 2.6 percent annualized gain.
- The average workweek was unchanged at 34.1 hours.
- Professional and business services created the newest jobs, with 54,000, while manufacturing and health care added 24,000 apiece.
Mining saw 8,000 new jobs, bringing to 86,000 new jobs to the industry since October 2016. President Trump pledged to help rebuild America’s mining industry throughout the 2016 campaign.
While liberals are already dismissing these statistics are Trump merely heading a parade started by Obama, economists don’t see it that way. In fact, The Wall Street Journal polled businesses and financial and academic economists on whether or not Trump deserves credit for the economic performance under his administration, and most “suggested Mr. Trump’s election deserves at least some credit” for the upturn.
Additionally, a majority said the president had been “somewhat” or “strongly” positive for job creation, gross domestic product growth, and the rising stock market.
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Source: CNN Money
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