Unemployment Rate Falls to Lowest Level Since 1969, Wages Grow
Hiring jumped in April as U.S. employers added 263,000 jobs, a strong gain that suggests businesses have shrugged off concerns the economy may slow this year.
The Labor Department says the unemployment rate fell to a new five-decade low of 3.6%, though that drop partly reflected an increase in the number of Americans who stopped looking for work.
Average hourly pay rose 3.2% from the previous year, a healthy gain albeit unchanged from the previous month.
In response to Friday’s news, Arizona Rep. Andy Biggs issued the following statement: “President Trump’s economy continues to exceed expectations, and the American people are the winners with each month of positive, pro-growth news” and pointed out that “wage growth has been at 3% or above for nine straight months.”
Biggs, a second-term Representative from the state’s Fifth Congressional District, also asserted the need to push forward and continue progress.
“There is much more work to be done, though, to sustain this economic momentum, and I call on my colleagues from across the aisle to join the President and Republicans in helping American individuals, families, and businesses maximize their economic prospects,” he wrote.
President Trump spread the economic news Friday morning via Twitter.
JOBS, JOBS, JOBS!
“Jobs surge in April, unemployment rate falls to the lowest since 1969” https://t.co/4DGpumMISf
— Donald J. Trump (@realDonaldTrump) May 3, 2019
April’s figures show that solid economic growth is still encouraging robust hiring, nearly a decade into the economy’s recovery from the Great Recession.
The expansion is set to become the longest in history in July.
Businesses say they are struggling to find workers but have taken a range of steps to fill jobs, including training more entry-level workers, loosening educational requirements and raising pay.
U.S. employers are expected to have delivered a solid month of job growth in April, buoyed by a resilient economy that has confounded concerns that 2019 would begin with a slowdown.
Economists have forecast that employers added 181,000 jobs in April and that the unemployment rate stayed at 3.8%, according to data provider FactSet.
It would follow a 196,000 jobs gain in March and would roughly equal the average monthly gain for the year’s first three months.
Another decent hiring gain would highlight the economy’s steady health just months after many analysts had expressed fear that growth was poised to weaken and a recession might soon occur.
The Western Journal has reviewed this Associated Press story and may have altered it prior to publication to ensure that it meets our editorial standards.
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