All this said, the 0.2 percent decline in America's unemployment rate between March and April isn't unambiguously good news. April's low unemployment rate is getting a great deal of attention in the press since a rate below 4% is a rare phenomenon. Many employers have said how hard it is to find qualified workers.
The Fed's preferred inflation measure, the personal consumption expenditures price index excluding food and energy, was up 1.9 percent year-on-year in March after a 1.6 percent rise in February.
Employment gains were broad-based across industries, with largest increases in business services, health care, education, construction and manufacturing.
Workers at the NLMK Indiana steel mill in Portage, Ind., on March 15, 2018. That number was revised to a gain of 135,000 jobs in Friday's report.
President Trump celebrated the report. The unemployment rate in Arkansas in March, the most recent measurement, was 3.8 percent. It fell to 7.8.% in April to drop below 8% for the first time since 2006. The gauge includes part-time workers who'd prefer a full-time position and those who want a job but aren't actively looking for work. Among them, there were over 5.5 million who wanted a job in 2017, according to the Bureau of Labor Statistics.
USA jobs growth slowed in April. The sharpness of the drop last month is due largely to people leaving the labor force. Which is to say that we need a lower unemployment rate than we used to for workers to have the bargaining power they did before.
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The gains reflect an economy that has been steadily expanding for nearly nine years, gradually putting more people to work after the country endured the worst financial meltdown since the Great Depression in the 1930s. We have people that have no incentive to work.
"The longer the economy burns hot, the more workers are in the driver's seat negotiating with companies", said Andrew Chamberlain, chief economist at Glassdoor, a jobs site.
He hasn't stopped emphasizing the point since. In April, around 12.7% of unemployed Americans had voluntarily quit, as opposed to 14% or more back in 2000.
President Trump's policies have extended what is now the 2nd-longest economic expansionon record and why more of the country might soon benefit from higher pay.
- "It may be surprising that wage pressures are not more pronounced with joblessness now below 4%".