Jobless Rate Lowest in Almost 50 Years

The United States has not seen a lower jobless rate than what it is experiencing now since December 1969, according to the US Department of Labor. The rate fell in April from 3.8% in March down to 3.6%.


There is a caveat, the drastic reduction was fueled to a great extent by the number of people who left the labor force in April; almost half a million.


US Labor Department data showed that the economy added an above-expected 236,000 jobs to the market. In addition, average earnings rose by a yearly rate of 3.2%.


Experts said that the numbers show that the economy is still doing well, but not so well that the US Federal Reserve might consider changing interest rates.


The job gains were in the following sectors:


• Construction: Increased by 33,000 jobs
• Healthcare: Increased by 27,000 jobs
• Social assistance: Increased by 26,000
• Financial activities: Increased by 12,000

The number that did not change by much is how many people are working part-time who would prefer to work full-time, but there hours were reduced, or they could not find full-time employment. That number stayed at 4.7 million people.

James Cannon

About James Cannon

James Cannon is an experienced hedge fund analyst. He has served on the advisory boards for various different Fortune 500 companies as well as serving as an adjunct professor of finance. James Cannon has written for a variety of Financial Magazines both on and off line. Contact James at james[at]businessdistrict.com