U.S. job growth surges; unemployment rate drops to 3

U.S. job growth surges; unemployment rate drops to 3

U.S. job growth surges; unemployment rate drops to 3

The government reported that the US economy grew at a 3.2 per cent annual rate in the January-March period - the strongest pace for a first quarter since 2015.

Similar to ADP, the BLS report showed hiring strength led in the business and professional services jobs, as well as in construction services and health care.

This follows a Gallup poll released in March that more than half of American voters were willing to give President Donald Trump credit for reviving the U.S. economy and creating new jobs, despite persistent skepticism on the president's overall job performance. Chair Jerome Powell signalled that the Fed would put rate hikes on hold.

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FBN's Edward Lawrence breaks down the April jobs report.

Many businesses say they're struggling to find workers, yet each month they seem to add a substantial number. The jobless rate unexpectedly fell to 3.6 per cent while average hourly earnings growth was unchanged at 3.2 per cent, below projections.

Retail trade employment shed 12,000 jobs following a loss of 15,000 jobs in March. The average wage paid to American workers rose 6 cents, or 0.2%, to $27.77 an hour.

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Job seekers and recruiters gather at TechFair in Los Angeles, California, U.S. March 8, 2018.

Last month's two-tenths of a percentage point drop in the unemployment rate from 3.8 % in March was because 490,000 people left the labor force in April, the most in 18 months.

Nonfarm payrolls increased by 263,000 jobs last month, amid gains in hiring almost across all sectors. But with little sign of inflation, the Fed is on hold with no plans to change rates this year.

Nevertheless, the brisk pace of hiring should dim hopes among investors that the Federal Reserve will feel pressure to cut interest rates in the near term.

Leisure and hospitality had a healthy net job gain of 34,000 thanks to a surge in employment adds in the food service industry.

Workers pour cement at a construction site for an office town in downtown San Diego, California, US, April 23, 2019. The pickup in growth pushed the one-year trend for private payrolls up to a robust 2.0% pace, a three-month high.

US job growth surged in April and the unemployment rate dropped to the lowest in almost half a century, pointing to sustained strength in economic activity even as last year's massive stimulus from Republican tax cuts and spending increases fades.

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