A new jobs report has crushed skeptics expectations on the Trump Administration and shows that unemployment has dropped to a 49-year low.
The Bureau of Labor Statistics released its April employment report on Friday and it shows that The US economy added 263,000 nonfarm jobs, topping the 190,000 that economists expected, Market Insider reports. This means that under the current Trump Administration, the unemployment rate has fallen to 3.6%, its lowest level since December 1969.
“With another strong employment report in April, we’ve gotten reassurance that the labor market is staying on a strong and steady course,” said Steve Rick, the chief economist at CUNA Mutual Group. “And with two consecutive months of solid job numbers between April and March, concerns from February’s drop have long faded from the rearview mirror.”
While economists were expecting the average hourly earnings to rise just below 0.3%, the average hourly earnings actually rose by 0.2% in April. Wages rose by 3.2% from the same period last year.
“Overall, this is a strong report, but payroll gains can’t continue at this pace,” Ian Shepherdson, the chief economist at Pantheon Macroeconomics, said in a note to clients on Friday. “What can continue, though, is the downshift in unemployment, and that means more power to scarce labor and faster wage gains in due course.”
Unemployment rates declined in April for both men and women, according to the Bureau of Labor Statistics. Unemployment went down 3.4% for adult men and 3.1% for adult women.
“For workers, this remains a terrific time to look for work if they have the right skills and talents to offer employers,” said Mark Hamrick, the senior economic analyst at Bankrate.com. “Savers won’t be hitting any lottery jackpots with the Fed keeping the safety lock on the rate-raising trigger, but there is a pay-off from shopping around for the best rates.”
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