Economy Gains 164,000 Jobs in April; Unemployment Little Changed at 3.9%

Economy Gains 164,000 Jobs in April; Unemployment Little Changed at 3.9%

The U.S. economy gained 164,000 jobs in April, and unemployment was little changed at 3.9%, according to figures released this morning by the U.S. Bureau of Labor Statistics.

The pace of hiring is slowing. And as the labor force participation rate drops, economists worry that Americans are feeling less optimistic about their job prospects and are giving up their searches entirely.

Since the labor market continues to recover at only a tempered pace, the Federal Reserve’s Open Market Committee should not raise interest rates. 

To boost hiring, President Donald Trump and Congress should commit to a multitrillion federal jobs and infrastructure package. 

In response to the April jobs numbers, AFL-CIO Chief Economist William Spriggs tweeted:

Last month’s biggest job gains were in professional and business services (54,000), manufacturing (24,000), health care (24,000) and mining (8,000). Employment changed little over the month in other major industries, including construction, wholesale trade, retail trade, transportation and warehousing, information, financial activities, leisure and hospitality, and government.

Among the major worker groups, the unemployment rate for teenagers (12.9%), blacks (6.6%), Hispanics (4.8%), adult men (3.7%), whites (3.6%), adult women (3.5%) and Asians (2.8%) showed little or no change in April.

The number of long-term unemployed (those jobless for 27 weeks or more) was little changed in April and accounted for 20% of the unemployed.

Kenneth Quinnell
Fri, 05/04/2018 – 12:14

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Updated: May 15, 2018 — 11:47 am