U.S. creates 263,000 jobs in April as unemployment falls to 49-year low
By JEFFRYBARTASH
The numbers: The U.S. created 263,000 new jobs in April to help drive the unemployment rate down to a 49-year low of 3.6%, the latest cue pointing to a rebound in the economy after a slow start in the new year.
The increase in hiring was concentrated at white-collar businesses, construction and health care. The only sector to suffer a big drawback was retail, whose employment fell for the third straight month.
The unemployment rate slipped to 3.6% from 3.8% in March, marking the lowest level since December 1969, the Labor Department said.
The increase in new jobs easily topped the 217,000 forecast of economists surveyed by MarketWatch.
One caveat: The decline stemmed in large part from nearly a half-million workers dropping out of the labor force. Fewer people said they were unemployed, however.
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The amount of money the average worker earns, meanwhile, rose 6 cents to $27.77 an hour.
The increase in pay in the past 12 months was unchanged at 3.2%. While hourly pay is rising at the fastest pace in nearly a decade, the increase in wages appears to have leveled off.
What happened: Professional and business services added 76,000 jobs, continuing a torrid steak under which total employment has risen by more than a half million in the past year.
Construction companies boosted payrolls by 33,000, the second straight solid gain. Health-care providers hired 27,000 people and employment in social assistance climbed by 26,000.
Manufacturers added a scant 4,000 jobs after no increase in March. Hiring has been very weak this year as companies struggle with stagnant exports and the effects of U.S. trade tensions with China.
Government jobs rose by 27,000. The federal government is already starting to hire workers for the 2020 Census.
Retail employment fell by 12,000 — the third decline in a row. Traditional retailers keep losing ground to internet rivals.
Although the economy is still pumping out plenty of new jobs, the rate of hiring has slowed. The U..S. added an average of 169,000 jobs in the past three months, down from a three-year high of 232,000 in January.
Big picture: The economy got off to a rocky start in 2019, but growth appears to have picked up with spring underway. The most muscular labor market in arguably half a century is the chief reason why.
The record number of people working has supported a steady increase in demand for goods and services, giving businesses little reason to cut staff, especially with skilled workers so hard to find.
The result is a steadily expanding economy that will set a record for longest expansion ever at the end of June despite some pockets of weakness. At the same time, inflation remains under control even as wages rise, perhaps because of a long-sought increase in productivity.
