Unemployment rate falls to 4.4% in April, a 10-year low

Unemployment rate falls to 4.4% in April, a 10-year low

Unemployment rate falls to 4.4% in April, a 10-year low

TD Economics senior economist James Marple comments, "The American job machine returned to form in April". Unemployment fell to 4.4 percent, its lowest level since May 2007.

The low unemployment rate captures how far the United States economy has come since the Great Recession ended in 2009, when unemployment hit 10%. In the absence of faster wage growth, consumers have retained a healthy outlook as they have largely put aside savings from income gains, including stronger stock and housing prices. Together, the revisions represent 6,000 fewer jobs than had been reported.

"It's not getting any indication of pressure on the inflation front and they are still concerned about potential trade protectionism emerging in the USA, so I think they will stay cautious", Ferley said. Trump has taken credit for adding as many as 600,000 jobs, and the White House has dialed that back to 533,000 jobs.

Meanwhile, retailers have been slashing jobs as shopping has shifted with less traffic in brick and mortar traditional stores and much more online. Counting those two months, the economy has added 317,000 jobs during his tenure. April's figures reportedly exceeded what economists had anticipated for the month. President Donald Trump has vowed to add 25 million new jobs over a decade but economists say this may be unrealistic.

"What you're seeing now is more minimum-wage type jobs", said Skip Aylesworth, a portfolio manager for Hennessy Funds. That industry sector has added 612,000 jobs over the past 12 months.

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There were job gains of 3,200 last month, though Statistics Canada considers that statistically insignificant. Find us on Facebook too!

The data, released Friday morning, indicates quite a strong rebound that is likely to calm all the negativity about slow growth. Growth has been slow but consistent for the last eight years.

The April reading is likely to restore confidence following a string of disappointing data about the US economy.

1,900 jobs were created last month, 1,100 people joined the workforce while the number of people claiming unemployment dipped by 800. That's why wage growth is expected to pick up.

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