Jobs Added in April, Unemployment Down to 3.9%

A worker moves an item from a cart to the line for boxing during a tour of the Amazon fulfillment center Thursday

Job growth accelerated in April, cutting the nation's jobless rate as USA employers added 164,000 jobs compared to the revised 135,000 in March.

The current jobless rate in the U.S. indicates a market with virtually full employment, though the creation of 164,000 new jobs was slightly below analysts' expectations, Efe reported.

In Alaska, March was the 29th consecutive month of job losses recorded by the State Department of Labor and Workforce Development.

While markets initially took the headline number of 164,000 job gains as a negative, stocks and bond yields since recovered, as February and March were revised up by a combined 30,000 positions.

The U.S. unemployment rate has dropped two-tenths of a point to 3.9%.

Unemployment rates among black people and Hispanics in the US hit record lows last month amid a widespread tightening of the labor market.

Manufacturing's unemployment rate in this year's April dipped to 3.3%, comparing favorably with April 2017's 3.9%. Almost 400,000 people have left the labor force in the last two months, helping drive down the unemployment rate.

Economists polled by Reuters had forecast payrolls rising by 192,000 jobs in April and the unemployment rate falling to 4.0 percent. Furthermore, this year's gains have remained robust, with a remarkable average of 200,000 jobs added per month, even stronger than last year's average of 182,000.

Average hourly earnings grew 2.6 per cent year-on-year, steady from March. Manufacturing employment has risen by 245,000 over the year, with about three-fourths of the growth in durable goods industries.

The report boosted the stock market: The Dow jumped nearly 300 points.

After the jobs data, the 10-year Treasury yield eased to 2.935% while the 2-year yield, which more closely tracks Fed rate expectations, held around 2.49%.

The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 1.3 million in April and accounted for 20.0 percent of the unemployed.

Companies like Apple AAPL.O have used their tax windfall for share buybacks and dividends.

President Donald Trump cheered the drop in the unemployment rate on Friday, May 4. "The big thing for me was cracking 4 [percent unemployment]".

Does this mean the economy is at full employment?

Inflation has shown signs of accelerating slightly, eroding some of the potential wage growth. The central bank's key rate is now 1.5-1.75 per cent.

The African-American unemployment rate dropped to 6.6 percent.

Also, the jobs report followed one from a couple of days earlier in which payroll processor ADP reported there were 204,000 nonfarm private sector jobs added in April, its lowest level since last November- but the sixth month in a row it was above the 200,000 level.

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