U.S. Labor Department issued job numbers; data reveals payrolls have risen by 211,000 compared to March increases of 79,000, signaling at a healthier economic position. The numbers reported have surprised industry experts who forecasted 4.6% unemployment.
The unemployment rate dropped to 4.4%, which is its lowest level since May, 2007. The numbers reveal a strengthening U.S. job market since the Great Recession when unemployment rose to 10%. Wages grew by 2.5% in April year-on-year basis.
These April numbers are third since Trump’s inauguration in the White House, and total jobs added since his inaugural has been 522,000. Experts expect that today’s unemployment numbers should keep Feds on its path towards of interest rates in June this year. Yesterday after the FOMC Committee meeting, members claimed the economic slowdown to be temporary.
The unemployment level has reached to its lowest during the decade surprising experts across the Wall Street. The rate is also below the target rate of 4.5% set by Federal Reserve.
Employment gains were across the board but services sector grew significantly.