Jobless Rate Sinks To 3.9% But Weak Wage Growth Saves Dow Jones
Jobless Rate Sinks To 3.9% But Weak Wage Growth Saves Dow Jones
Unemployment Rate Falls to 3.9 Percent
06 May, 2018, 00:00
Here are some early comments from economists about the April jobs report, which showed the USA adding 164,000 jobs and unemployment falling to 3.9% - the first time the jobless rate has dropped below 4% since the end of 2000.
Job growth amounted to a decent 164,000 last month, up from an upwardly revised 135,000 in March, the Labor Department said Friday.
The drop of two-tenths of a percentage point in the unemployment rate from 4.1 percent in March pushed it to a level last seen in December 2000 and within striking distance of the Fed's forecast of 3.8 percent by the end of this year. And the contraction in America's labor force will put limits on growth - and fiscal pressure on Social Security - unless we start implementing policies that make having children less hard for America's young people, and that allow more prime-age workers to enter the country through immigration.
The Bureau of Labor Statistics (BLS) releases a monthly report which breaks down labor market trends like employment growth. Employers nationwide report the pool of available workers is drying up, forcing many to raise wages to attract qualified candidates, which raises concerns about inflation.
Along those lines, average weekly earnings for production and nonsupervisory employees in the manufacturing sector rose from $901.39 in March to $907.78 in April.
In a sign that employers are having a hard time finding qualified workers, average hourly earnings rose 2.6 percent from a year ago. Over the three months through April, job gains have averaged 208,000 per month. Over the year so far, nonfarm hourly wages have increased by 67 cents, according to BLS. The number of unemployed people dipped to 6.3 million.
The mining sector added 8,000 jobs, extending its gains.
Yet the very sluggishness of the economic expansion helps explain why it's now the second-longest on record and why more of the country might soon benefit from higher pay. "It means borrowing costs will be moving higher for typical consumers".
The largest jobs increase in April was in professional and business services, 54,000 jobs, followed by manufacturing and health care at 24,000 jobs each, according to the May 4 report.
Among the major worker groups, the unemployment rate for adult women decreased to 3.5 percent in April.
The overall recent surge of job gains may reflect, in part, confidence among some businesses that the Trump administration's tax cuts will accelerate growth - even though a growing roster of economic experts disagree with that assumption. Leisure and hospitality employers added 18,000 jobs last month. Eight years ago, the jobless rate was 10 percent.
Policymakers at the Federal Reserve, the U.S. central bank, watch the... Expectations are that the central bankers will hike interest rates three more times this year.
While cold weather in March and April probably held back job growth, hiring is moderating as the labour market hits full employment.
Around 450,000 women in England missed out on a routine breast screening appointment due to an NHS failure to send invitations. The error that may have cost hundreds of lives was caused by a trial meant to extend lifesaving screening to even more women.
Survey respondents widely commented on the resumption of housebuilding activity following snow disruptions in March . The IHS Markit reading showed some change in the employment data from the strength seen in prior months elsewhere.
In Japan, Apple saw a revenue growth of 22 percent while in the rest of Asia Pacific, the revenue was up by around 4 percent. Revenue from Apple's "other products" was $3.9 billion, and sales for the Apple Watch and AirPods were up nearly 50 percent.
While many teachers are happy that lawmakers have responded, others note that the budget plan falls short of demands. Thousands of Colorado teachers rallied at the state capitol Monday. "I think that's inherently wrong", Smith said.
Following what he described as one of his "worst games of the season", LeBron James put on a performance for the ages. The Cleveland Cavaliers made an incredible comeback to force overtime in game one on Tuesday.
Other media outlets as well as the Associated Press sued to obtain signs logs, 911 recordings, movies and interview stories. The police investigation is not finished, said Lombardo, the elected head of the Las Vegas Metropolitan Police Department.
What NASA's newest Mars mission will look for
Scientists know Mars has an iron core and a crust, but beyond that, the inside is "basically, completely unknown", said Banerdt. The main goal of the mission is to probe shape of the rocky planets of the inner solar system more than four billion years ago.
13 miners trapped underground
The union said it was "angry and concerned" at the rate at which health and safety incidents were happening at Sibanye-Stillwater. The Driefontein accident was caused by a seismic event at about 1:30 p.m. local time on Thursday, Sibanye said.
Jamie Foxx Stands By Kanye West, Tells The Rapper To Call Him
He was hospitalized for a week, he said in his interview with Charlamagne Tha God, which led to a "breakthrough" and his recovery. I haven't had any conversation with Kanye within the last 24 hours, to be honest, because we have the earnings around.
Military cargo plane crashes in Georgia airport official says
NBC affiliate WSAV is reporting that two people have been killed in the crash, however this has not been officially confirmed. The four-engine plane sent up a cloud of black smoke, with a tail wing coming to rest on a median, television images showed.
Meadville-area gas prices dip below $3 per gallon
Analysts say they are uncertain whether this was a one-week quirk or if high gasoline prices are causing drivers to cut back. However, these gains would have been more significant had the USA not exported a record amount of fuel, the auto club said.
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The tweet more or less set the tone for the political bickering that followed electioneering in the months ahead. The remark, which blew into a controversy in mid-2017, was also condemned by Congress president Rahul Gandhi .