The unemployment rate in the USA fell to the lowest level since December 2000, amounting to 3.9%.
The unemployment rate hit 3.9 percent in April, breaking below 4 percent for the first time since December 2000.
The U.S. Labor Department cited better-than-average unemployment claims in ME and Colorado as a mark of the strong numbers. To more fully gauge the health of the job market, economists look at a broader measure of employment that looks at: The unemployed; people who want to work but have given up searching; and people working part-time who can't find full-time work. They clocked in at just 2.6 percent over last year's levels (below the expected 2.7 percent print). Workers often seek higher wages when they change jobs, but since there hasn't been much movement on that front it could mean less growth. It was the seventh consecutive month with robust growth in hiring in the sector, averaging 26,571 per month over that time frame.
The average monthly increase in total US employment through the first one-third of this year has been +200,000.
"A slight uptick in wages and flat unemployment, combined with the strongest inflation numbers in 17 months released earlier this week, are paving the way for the Fed to hike rates next month".
In total 236,000 people dropped out of the workforce.
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The retail sector added 1,800 jobs. Each time, this was better than economists had thought was possible not long before; each time, wage pressure was still muted to the point of being nearly completely quiescent; and each time, there weren't any signs that this was about to stop, as the economy was still chugging along at the same good-but-not-great pace it had been for most of the recovery.
"The job market is getting competitive, and people are able to request higher wages", he said.
Professional and business services added 54,000 jobs. Eight years ago, the jobless rate was 10 percent.
Manufacturers added 24,000 workers last month, a sign that possible tariffs on steel, aluminum and Chinese goods haven't altered hiring plans at most US factories. Some envision the unemployment rate dropping as low as 3.5 percent by the end of 2018. On Friday, BLS also reported a downward revision for March's employment figures compared with what it originally reported last month.
Inflation is closing in on the Federal Reserve's 2 percent target, gasoline is heading toward $3 a gallon, and companies have been reporting cost pressures, which could force them to raise prices.
The overall recent surge of job gains may reflect, in part, confidence among some businesses that the Trump administration's tax cuts will accelerate growth - even though a growing roster of economic experts disagree with that assumption.