263,000 non-farm jobs were created last month, beating expectations. The unemployment rate also dropped to 3.6%, the lowest rate since December 1969.
The unemployment rate fell to 3.6% vs. 3.8% expected and the lowest since December 1969.The U.S. jobs machine kept humming along in April, adding a robust 263,000 new hires while the unemployment rate fell to 3.6%, the lowest in a generation, according to a Labor Department report Friday.Average hourly earnings growth held at 3.2% over the past year, a notch below Dow Jones estimates of 3.3%. The monthly gain was 0.2%, below the expected 0.3% increase, bringing the average to $27.77.
A broader unemployment gauge that includes those who have quit looking for jobs as well as the underemployed held at 7.3%, where it has been since February."Leaving aside month-to-month fluctuations, the labor market is still very strong, adding almost double the number of workers needed to keep pace with new entrants to the labor force in any given month," said Eric Winograd, AllianceBernsetein's senior economist.
Professional and business services led job creation with 76,000 new postions. Construction added 33,000, bringing to 256,000 the total new jobs created in the field over the past year. Previous months saw net upward revisions, with February going from a scant 33,000 growth to 56,000, though March's total was reduced to 189,000 from 196,000, for a net gain of 16,000. Year to date, job gains have averaged 205,000 a month.GDP increased 3.2% during the first quarter, far exceding expectations, while productivity during the quarter jumped 3.6% for its best gain in five years. Pending home sales rose 3.
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