Reuters: U.S. job growth surges; unemployment rate drops to 3.6 percent
WASHINGTON (Reuters) - U.S. job growth surged in April and the unemployment rate dropped to the lowest in nearly half a century, pointing to sustained strength in economic activity even as last year’s massive stimulus from Republican tax cuts and spending increases fades.
The Labor Department’s closely watched monthly employment report on Friday showed the greater-than-expected 263,000 new jobs created last month were spread across most industry sectors, and the unemployment rate was just 3.6 percent, the lowest since December 1969.
Still, wage gains did not accelerate as expected, holding at a reading that is consistent with moderate inflation. Moreover, the decline in the unemployment rate was driven largely by the most people leaving the labor force in a year and a half.
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Update: Unemployment hits 49-year low as US employers step up hiring (AP)
WNU Editor: When I contrast what is happening in the U.S. to where I live (I live in Montreal, Canada), the comparison is truly depressing .... Cold weather led to chilly economy in February, as Canadian GDP shrank by 0.1% (CBC). Not surprised that President Trump is crowing (see below) ....
We can all agree that AMERICA is now #1. We are the ENVY of the WORLD — and the best is yet to come! pic.twitter.com/Uc81DzHbu2— Donald J. Trump (@realDonaldTrump) May 3, 2019
