Breaking: Unemployment Rate Falls to Lowest Since 2000
The unemployment rate has fallen below 4 percent for the first time in 18 years.
The Department of Labor reported on Friday the unemployment rate is currently 3.9 percent, a figure last seen at the end of the Bill Clinton presidency in 2000.
Payrolls rose by 164,000 jobs in April, while average hourly earnings increased 0.1 percent from the previous month. Wages are up 2.6 percent from the same month last year, according to Bloomberg.
The unemployment rate for African-Americans also hit a new all-time low of 6.6 percent.
Meanwhile the rate for women dropped to 3.5 percent. For Hispanics, it held steady at 4.8 percent, tying a record low.
“Professional and business services created the most new jobs, with 54,000, while manufacturing and health care added 24,000 apiece,” CNBC reported.
“Mining saw 8,000 new jobs, bringing to 86,000 the total unemployment growth since October 2016 for a sector that President Donald Trump promised to target when he campaigned,” the news outlet added.
This is the first time the jobless rate has been under 4 percent since late in 2000 pic.twitter.com/XBTyQyeC3O
— Jamie Dupree (@jamiedupree) May 4, 2018
The total number of unemployed people in the country edged down to 6.3 million.
The labor participation rate remained nearly unchanged at 62.8 percent, down 0.1 percent from the previous month.
Meanwhile, consumer confidence increased in April, staying near a 17-year-high hit earlier this year.
Additionally, small business owner confidence remained near an all-time high of 61 on the index during the month, down just slightly from the 62 rating achieved during the first quarter of this year.
Prior to leaving the White House and traveling to Texas, Trump touted the unemployment rate dropping below 4 percent.
“I thought the jobs report was very good. The big thing for me was cracking four, that hasn’t been done in a long time,” Trump said, according to Breitbart. “The stock market is doing, I guess it’s up 35 percent since the election.”
The unemployment rate was 4.8 percent in January 2017, when Trump became president.
Over 2 million new jobs have been created since he took office.
The Federal Reserve reported in February that the country is at or beyond full employment, given that approximately 4 percent of the workforce is always in transition.
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