22 January 2020

Jobs Surge In April, Unemployment Rate Drops

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The U.S. added jobs at a robust pace in April, while the unemployment rate unexpectedly dropped to its lowest level in almost 50 years, suggesting the labor market remains buoyant and will help guide the U.S. economy toward its longest expansion on record in just a month.

Employers added 263,000 new positions in the month, a Labor Department report showed Friday. That follows a downwardly-revised 189,000 gain in March and beats in the median estimate among economists for a 190,000 rise, according to a Bloomberg survey.

A Surprising Surge: 

The U.S. economy added a higher-than-expected 263,000 new positions for April, following a downwardly-revised 189,000 in March.

February payroll gains were revised up for a second time, with employers adding 56,000 new positions from the second reading of 33,000.

Average hourly earnings rose by 3.2 percent from a year earlier, missing estimates and holding at that same pace from March. The unemployment rate dropped to 3.6 percent, which is now the lowest level since December 1969.

Jobless Rate Falls To Fresh Low 

The unemployment rate in April dipped to 3.6 percent, the lowest level since December 1969.

“The reality is that the economy is adding more jobs than expected in this state of the nearly decade-old expansion,” says Mark Hamrick, Bankrate’ senior economic analyst. “For workers, this remains a terrific time to look for work if they have the right skills and talents to offer employers.”

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