Published: Wed, May 10, 2017
Sport | By Gary Shelton

Trump Economy: April Unemployment Numbers at a 10-Year Low

Trump Economy: April Unemployment Numbers at a 10-Year Low

The increase in US transportation sector hiring follows revised gains of 6,600 jobs in March and 7,600 positions in February and a 10,200-job loss in January.

However, it's worth taking into consideration that while encouraging, these figures for unemployment rates could be skewed.

A big drop-off in construction hiring in March was among the reasons economists believed that weather was a factor in that month's weak job growth.

The employment-to-population ratio rose one-tenth of percentage point to a fresh eight-year high of 60.2 per cent. By falling from 4.5 percent to 4.4 percent, the unemployment rate remains at low levels that were last seen in 2007, before the recession hit.

If the evidence continues to support that view, then we can expect the Fed to raise interest rates again at meeting next month.

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The unemployment rate, meanwhile, fell to 4.4%, a 0.1% improvement on March that took it to the lowest level since May 2007. "The Fed will respond accordingly". The low rate could help the Federal Reserve stay on track to gradually increase interest rates this year. Employment in food services continued to trend up over the month (+26,000) and has increased by 260,000 over the year.

The Labor Department reported Friday that employers added 211,000 jobs last month, recovering from a meager, downwardly revised gain of 79,000 in March. Investors have estimated the likelihood of a June rate hike at 83 percent.

In its monthly employment report, the U.S. Department of Labor's Bureau of Labor Statistics showed that 1,124,100 people were working in the legal services sector in April, up from 1,123,000 in March. Consequently, economists believe that other fundamental shifts in the economy are behind the lower participation rate. But some economists have anxious that numerous jobs being added are low-wage, low-skill positions. "After several months of strong gains the Canadian job machine slowed in April, coming in well below expectations for a 10k increase".

Recent GDP figures showed the USA economy grew at an annual rate of 0.7% in the first three months of this year, the slowest rate since the first quarter of 2014, raising concerns that the economy could be weakening. Over the past year, average hourly earnings have risen by 65 cents, or 2.5%.

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