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Unemployment Hits New Low, Job Gains Rise

May 03, 2019

The latest Labor Department jobs report revealed that 263,000 jobs had been added in the month of April, with unemployment hitting a new low from 3.8% to 3.6%, which is the lowest it’s been since December, 1969.

According to a Bloomberg survey of economists, this report surpassed expectations, as they had estimated 190,000 jobs would be added in April.

There are now more jobs available than there are unemployed people, and employers are having difficulties finding workers to fill vacant roles.

Hiring is expected to slow as the 3.6% unemployment rate is expected to fall even more, which would result in businesses having more trouble finding qualified individuals. This competition between businesses looking to hire more workers has lead to a steady wage growth, with average hourly earnings rising 6 cents to $27.70, sustaining an annual gain at 3.2%.

This report follows an average job growth average of 223,000 in the last year and 205,000 so far this year.

Industries that are looking for employees are as follows:

Professional and business services: 76,000 job gain

Health care and social assistance: 53,000 job gain

Leisure and hospitality: 34,000 job gain

Construction: 33,000 job gain

Manufacturing, which has been mired by the trade war between the U.S. and China, has added only 4,000 jobs.

Meanwhile, as retailers continue to shutter their doors and big chains cut back on physical stores to focus on online sales, 12,000 retail jobs have been lost.

– MK. II

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