![]() ![]() The labor participation rate fell to 62.8 percent, down from 63.0 percent in March. Wage growth near 3.0 percent has the potential to cause financial markets to turn volatile, but that has not been the case this year. Wage growth is another sign of a strong economy and it could endear the public to President Trump during the next election. Workers could potentially have enough leverage to demand higher wages, spurring wage growth.Īverage hourly wages were $27.77, up 3.2 percent versus the year-earlier period. The rate is well below the 5.0 percent threshold considered full employment. The unemployment rate was an eye-popping 3.6 percent - lower than the 3.8 percent recorded in March and the lowest it has been since December 1969. What happens to the economy once it comes down from its sugar high? Unemployment Rate Falls To 49-Year Low One school of thought is that the GOP tax cut has helped spur the economy and jobs. Healthcare jobs grew by 27,000 after rising 49,000 in March. ![]() Employment in construction was up by 33,000 with gains in nonresidential specialty trade contractors and civil engineering. Jobs related to professional services led the way, rising by 76,000. This could be welcome news for President Trump as he seeks re-election in 2020. In my opinion, it implies the economy remains on strong footing and the economic expansion could continue over the short term. The results also blew away the 196,000 jobs created in March. I assumed jobs growth would abate at some point but that has not been the case. The April 2019 jobs report showed total non-farm payroll employment increased by 263,000, exceeding Wall Street forecasts of 190,000. Each month I continue to ponder how long the current economic expansion can continue. ![]()
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