US Federal Reserve juggles booming jobs market with stagnant pay

06 May, 2018, 00:03 | Author: Salvatore Jensen
  • Unemployment drops, but wage growth remains sluggish

"But of far greater concern is the underlying cause for the slowing rate in job creation - the USA labour market is now stretched tight as a drum".

A development that would leave American President Donald Trump elated - the unemployment rate in the United States has fallen to 3.9 per cent in April, the lowest since 2000.

"JUST OUT: 3.9% Unemployment". In April, for example, the economy added a slightly worse-than-expected 164,000 jobs, but over the last three months it's still averaging a robust 208,000.

The report indicates another month of solid job growth for an economy that has been expanding for nearly nine years - the second-longest streak on record. On Friday, BLS also reported a downward revision for March's employment figures compared with what it originally reported last month. Only the 1990s expansion was longer.

"I hear my clients saying the tax bill gave them more confidence in the pro-business economy", said Tom Gimbel, CEO of search firm LaSalle Network. That was during the middle of World War II, when millions of men were drafted to fight and their jobs were filled by women. Rather than adding workers, the American labor force shed 236,000 people between March and April.

The Labor Department says America's unemployment rate fell to 3.9 percent in April.

Frick believes unemployment will keep falling as businesses offer more attractive wages and benefits to entice Americans who have stopped looking for work. That could potentially mean there are plenty of more people that can be pulled into the workforce. It is the first time that the unemployment rate has dropped below 4% since 2000. The last time it was lower than that was 1969. Consumer prices rose at a year-over-year pace of 2.4 percent in March, the sharpest annual increase in 12 months. The Federal Reserve this week signaled it would not overreact to an uptick in inflation but it could face mounting pressure to act more aggressively in the coming year. "Our takeaway from the report is that recent economic conditions support a gradual pace of monetary tightening".

April's hiring gains included jobs in mining, manufacturing, health care, and professional and business services.

"We've continued to add jobs routinely every month for so long, and the unemployment rate we have reached is wonderful".

"We have had some improvement in the a year ago", Vedder said.

- Republicans on the Congressional Joint Economic Committee celebrated the 3.9% unemployment. Since President Trump's election, almost 3.2 million American jobs have been created.

But while the number of jobs available increases, the actual number of new humans needed to fill these roles continues to dwindle.



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