USA unemployment rate drops to 10-year low as job growth rebounds

USA unemployment rate drops to 10-year low as job growth rebounds
USA unemployment rate drops to 10-year low as job growth rebounds
Author

12 May, 2017

The U.S. job market saw a strong rebound in April, driving the unemployment rate to the lowest level in a decade.

The jobs market added 533,000 new positions during the first three months of the year, in line with first quarters in 2016 and 2015.

According to a private-sector report released Wednesday, service industries drove growth in April. The results in April show a rebound after worse-than-expected job growth in March. The unemployment rate for wholesales and retail trade decreased 1.1 points to 4.2 percent.

According to statistics released by Stats Canada on Friday, Northeast B.C. continues to see a drop in the unemployment rate while the rate across the country is the lowest since 2008.

"These days, the labor force participation rate is flat", said Andrew Chamberlain, chief economist at Glassdoor. "The Fed will respond accordingly".

Goods-producing industries added 4,200 jobs, led by increased hiring in the agriculture and natural resources sectors.

Recent GDP figures showed the United States 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.

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Despite overall employment growth, wage increase remained tepid.

Provincially, Alberta registered an unemployment rate of 7.9 per cent in April, that's down 0.5 per cent from 8.4 per cent the previous month.

The report also offers information on people who would like to work full-time but work part-time, as well as on those who are "marginally attached" - individuals who have not looked for a job in the last 12 months. Together, the revisions represent 6,000 fewer jobs than had been reported.

Several economists say April was a disappointing month for job growth in Canada.

The only weak point was a drop from 63.0 to 62.9 in the labor force participation rate, leaving the recovery just short of the finish line. Fed officials have signaled that they expect two more rate hikes this year, in addition to the one increase they made in March.

Average hourly earnings rose 2.5% year-over-year as of April, compared to 2.7% as of March.


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