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United States job creation surges in April as unemployment hits 49-year low

United States job creation surges in April as unemployment hits 49-year low

Coal miners look on as U.S. President Donald Trump addresses a Make America Great Again rally at the Civic Center in Charleston, West Virginia, U.S., August 21, 2018.

The United States added 263,000 jobs in April, while the unemployment rate declined to 3.6 percent, the lowest since 1969, the U.S. Bureau of Labor Statistics reported Friday. Would the April jobs numbers put a damper on things by underwhelming the markets? The unemployment rate last month, meanwhile, ticked down from 3.8% in March. The U-6, or underemployment rate, held at 7.3 per cent; the gauge includes part-time workers who'd prefer a full-time position and people who want a job but aren't actively looking. A majority of Americans, 56%, rate their current financial situation as "excellent" (12%) or "good" (44%), while 29% rate it as "only fair" and 15% as "poor.' This overall positive rating has increased 10 percentage points since 2015 and is now the highest since 2002 though it is statistically unchanged since a year ago".

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.

"With the US economy strong and stocks near record levels, retirees' and workers' confidence in having enough money for retirement rose over the past year to new highs, according to a long-running survey released Tuesday". Manufacturing sector payrolls are expected to have rebounded after declining in March for the first time since July 2017.

US employers likely maintained a strong pace of hiring in April while steadily increasing wages for workers, pointing to solid economic growth and moderate inflation pressures.

"It would be awfully hard for the Fed to explain a rate cut given the strong job market, so forget that", said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania.

The anticipated job gains in April would be close to the monthly average of 180,000 in the first quarter and well above the roughly 100,000 needed per month to keep up with growth in the working-age population.

And in the end, the government reported that the USA economy grew at a 3.2 percent annual rate in the January-March period - the strongest pace for a first quarter since 2015.

The payroll gains were somewhat uneven, with construction, health care, and professional and business services posting gains while retail employment fell by 12,000 for a third straight decline.

At the same time, the average workweek got slightly shorter, boosting average hourly pay.

Government hiring also was the strongest in eight months, with 27,000 jobs created.

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