April Jobs Report: 211000 Jobs Added, Unemployment At 4.4 Percent
- Author: Zachary Reyes May 07, 2017,
May 07, 2017, 22:12
The unemployment rate for nonveterans in April was also 3.9 percent, according to the Bureau of Labor Statistics.
Overall, the report suggests that the economy is growing at a healthy pace despite the poor jobs number in March and sluggish first quarter GDP showing.
Furman added that he wasn't concerned about the labor force participation rate, pointing to baby boomers leaving the job marker due to retirement. That firm laid off some 60 employees in its US business services team, and The American Lawyer reported in mid-April that Dentons had also asked several USA partners to leave following a budget shortfall in 2016.
Wages also continued to climb in April, with average hourly earnings rising almost 0.3 percent for the month to $26.19, which is 2.5 percent higher than the same month a year ago.
"The labour market has progressively gotten tighter and tighter", Mr Jim O'Sullivan, chief U.S. economist at High Frequency Economics in NY, said before the report. "The Fed will respond accordingly". However, the jobless claim rate fell 0.2 percentage points to 6.5 percent, which is the lowest after October 2008, according to Statistics Canada. ADP the payroll processor said that businesses added 177,000 new jobs during April. Job gains in the sector during April were led by the courier, warehousing and air transportation segments, which grew employment by 3,200, 2,500 and 500 jobs, respectively, from the previous month. Factories hired 6,000, the fewest for that category in five months.
The government revised its job figures for February up from a gain of 219,000 to a new total of 232,000; the change for March was revised downward from a gain of 98,000 to 79,000. The U.S. gained 522,000 jobs over that time.
However, Canada managed to hang on to the job gains from the unusually long streak of past months - and over the a year ago more than two-thirds of the labour-market growth has been full time, said RBC senior economist Nathan Janzen. Over the past year, average hourly earnings have risen by 65 cents, or 2.5%.
Strengthening business sentiment might be translating into hiring, and the data should keep Federal Reserve policymakers on track to raise interest rates in the coming months after officials declared the first-quarter slowdown to be temporary.