Wednesday, 17 October, 2018

Jobless rate drops below 4%, but questions remain

Donald Trump U.S. Economy Added 164,000 Jobs in April Unemployment Fell to 3.9% The Associated Press by John Carney4 May 20180 4 May 2018 4 May 2018
Kenneth Drake | 05 May, 2018, 23:59

The unemployment rate hit 3.9 percent in April, breaking below 4 percent for the first time since December 2000.

That pay growth suggests that some of the momentum from the slow but steady recovery from the 2008 financial crisis is spreading to more people after it had disproportionately benefited the nation's wealthiest areas and highest earners. Among "prime-age" workers between the ages of 25 and 54, she said, there were more people leaving the labor force than finding jobs.

After three years of persistent job losses in Alaska, what do you think Alaskans should do to take control of their economy and grow jobs again? Omitting bosses, "hard hat" workers realized year-over-year hourly and weekly earnings gains of +3.9% and +4.7%. But strong wage growth could fan fears of an uptick in inflation, pushing them toward a fourth increase, Mr. Luzzetti said.

Total nonfarm payroll employment increased by 164,000 in April, compared with an average monthly gain of 191,000 over the prior 12 months. "Getting that unemployment rate down near four percent and the number of jobs that have been added to the economy each month have been really great indicators for the labor market".

To the typical person on Main Street, the idea of full employment usually means everyone in the country is working, which would imply a jobless rate of essentially zero. But, while hundreds of thousands of jobs are being added each month, our wages are only inching up. This 91-month expansion has made it the longest span of job growth on record.


So while overall unemployment among American workers shrunk by 0.2 percentage points to 3.9 percent, Black folks looking for steady work stood at a staggering 6.6 percent. Employment gains were broad-based across industries, with largest increases in business services, health care, education, construction and manufacturing.

And although millennials constitute 35 percent of America's workers, they're more likely than previous generations to have attended college - and less likely to have picked up a trade at vocational school.

The Labor Department says America's unemployment rate fell to 3.9 percent in April.

The S&P 500 Index and Dow Jones Industrial Average traded nearer to their year-to-date nadirs than their year-to-date highs -although just about on pace with the former all-time highs struck at the end of 2017 - and Walmart Inc (NYSE: WMT) is atop the Fortune 500 with $485.9 billion in annual revenues. However, March's wage gain was also revised down, from 2.7% to 2.6%.

For Democrats running on the economy for the 2018 midterm elections, claiming the "crumbs" that came with the Tax Cuts and Jobs Act à la Nancy Pelosi have not helped blighted business and poverty-stricken citizens, get ready for a bit of a blunder. Even the most hawkish will now be thinking twice about the prospect of three more rate hikes this year.

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