Published: Tue, May 09, 2017
Money | By Armando Alvarado

Jobs Added in April

After the jobs report was released, futures markets pointed to a 78.5 percent chance that central bank officials would lift interest rates when they next meet in June. April's increase exceeded this year's monthly average of 185,000. That was the lowest unemployment rate in more than 10 years and includes 211,000 jobs being added and average hourly wages increasing by 0.3 percent.

The report signals that the overall economy is poised for stronger growth after an anemic first quarter.

Construction hiring improved somewhat, with companies adding 5,000 jobs in April after a gain of just 1,000 the previous month.

That number was almost triple the 4,200 jobs added in March, according to data released May 5 by Statistics Canada.

U.S. jobs growth made a massive recovery in April as the unemployment rate fell to 4.4%.

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The state of economy should see further improvements thanks to better measures of unemployment and underemployment. The mining unemployment rate for mining, quarrying and oil & gas extraction decreased by more than half of March's 9.5 percent to 4.7 percent in April.

Canadian jobs growth disappointed in April as the economy created fewer jobs than expected, while the unemployment rate fell to its lowest since the global financial crisis amid a drop in the number of young people looking for work.

Trump praised the new labor report in a tweet, noting that things are starting to look up.

Perhaps even more interesting, racial disparities continue to thrive, even with the-albeit slowly-falling unemployment rate. "The re-acceleration in jobs should assuage fears that economic growth is slowing in any meaningful way". The labor participation rate - the portion of the population that is either working or available to work - was 62.9 percent in April. Those increases were offset slightly by a 4,400-job decline in the transit and ground passenger transportation sector and minor drops in rail, pipeline, and truck transportation, down 500, 400, and 100 jobs, respectively.

The participation rate has fallen significantly since its high around the year 2000, likely due to demographic shifts like baby boomers retiring. For the month of April, it sat at 6.5% which is the lowest rate since October of 2008.

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