Jobless Price Appears Like Old Times, but Also the Economy Does Not

US job market: even solid figures can be disappointing

The Bureau of Labor Statistics reported on May 4 that the us unemployment rate fell to 3.9 percent, which is the lowest level since December 2000. More tellingly, the unemployment rate fell to 3.9 percent, the lowest since December 2000.

"A faster pace of wage growth would be great for households, but in a way that would create even more difficulty for policymakers", Ms. Zentner said. 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. Average hourly earnings rose 0.1 percent last month after a 0.2 percent gain in March. Once you control for that, wage growth is right about where you would expect it to be.

Despite the healthy increase in employment in manufacturing, nonfarm payrolls were up by just 164,000 in April.

Wages were slightly up, by 2.6 percent, to $26.84 hourly. "Still, the potential for labor-force participation to increase as workers re-enter the workforce provides some additional supply that isn't necessarily apparent in the unemployment rate".

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Two Fed officials who are now voting members of the central bank's rate-setting committee showed little concern on Friday about price pressures heating up and said they were keeping an open mind on the total number of rate increases needed this year.

Barrera adds that there has not been a lot of movement when it comes to job turnover either which could negatively impact wages.

More recently, Mr. Trump's flirtation with a trade war has thrust uncertainty into the economic picture.

"The job market is getting competitive, and people are able to request higher wages", he said.

Fed Holds Rates Steady, Notes Strongly Rising Business Investment
National data already indicated that expectations for a steady headline rate in April would turn out to be too optimistic. Inflation goal The Fed is clear that it's nearing its inflation target of 2 per cent over the medium term.

Healthcare continues to hire more people, adding 24,000 jobs last month and 305,000 over the past year. "The larger-than-expected reported drop in the unemployment rate...provides additional evidence of tightening labor markets".

The American jobs boom continued into April, but a long-awaited pay boost for employees failed to materialise, dampening expectations that the Federal Reserve will be forced to raise interest rates more aggressively this year. Eight years ago, the jobless rate was 10 percent.

Even though many anxious that interest rates would rise following two weeks of record low unemployment, the USA central bank left rates unchanged. The nursing and residential-care facilities sector lost 500 jobs in April, far fewer than the 3,700 the sector lost in March. An acceleration could force Fed officials to raise rates more aggressively, which would raise the cost of auto loans and credit card debt. Strong job growth in April shows that economic confidence remains high in the wake of historic, pro-growth tax reform.

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