U.S. job growth surged in April and the unemployment rate dropped to a more than...
WASHINGTON - U.S. job growth surged in April and the unemployment rate dropped to a more than 49-year low of 3.6 percent, pointing to solid economic growth.
The report was broadly supportive of the Federal Reserve’s decision on Wednesday to keep interest rates unchanged and signal little desire to adjust monetary policy anytime soon. Fed Chair Jerome Powell described the economy and job growth as “a bit stronger than we anticipated” and inflation “somewhat weaker.”
The second month of strong job growth was further evidence that February’s paltry 56,000 increase in jobs was an aberration. It also effectively put to rest concerns about a recession and diminish expectations of an interest rate cut this year that had been fanned by a brief inversion of the U.S. Treasury yield curve in March.
Though wage growth is not strong enough to drive up inflation, it is seen sufficient to underpin economic growth as the stimulus from last year’s $1.5 trillion tax cut wanes. The economy grew at a 3.2 percent annualised rate in the first quarter, driven by a surge in exports and inventories, quickening from the October-December period’s 2.2 percent pace.
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