Black and Hispanic Unemployment in America Reach Record Lows

05 May, 2018, 13:23 | Author: Eric Barnett
  • An Eye-popping 3.9% Unemployment Rate in April’s U.S. Jobs Report

One answer is that the official unemployment rate is misleading as an indicator of economic slack, and/or that structural changes have shifted the Phillips curve.

President Donald Trump quickly jumped on the report with an early Friday tweet, "Because Jobs in the USA are doing so well, Americans receiving unemployment aid is the lowest since 1973".

"There's anecdotal evidence where we see employers who in areas with labor shortages are turning to groups that they wouldn't usually have turned to", said Catherine Barrera, chief economist at ZipRecruiter.

Meanwhile, the participation rate slipped 0.1 percentage point to 62.8 percent, erasing part of an outsize gain from February that had indicated workers were being pulled in from the sidelines, Labor Department figures showed Friday.

"We had a long way to go".

The implications are being reveled in outbreaks of labor unrest over compensations levels.

Average hourly earnings rose by 4 cents, settling at $26.84.

Unemployment in the United States fell to a fresh 17-year low in April amid steady hiring, welcome news for the White House that also could increase the chance of faster interest rate hikes. Fortunately, this was largely the result of workers aging out of the labor market, rather than dropping out due to frustration: The employment-to-population ratio among prime age workers was 79.2 percent last month, which is quite close to its pre-recession value.

As the US economy continues to improve at an unexpected pace, Americans are spending their biweekly checks on $62-a-barrel crude oil, screenings of "Avengers: Infinity Wars", downloads of Drake's "God's Plan", and 13.5 million new PCs a quarter. Manufacturing employment has risen by 245,000 over the year, with about three-fourths of the growth in durable goods industries. Residential mental health, by contrast, gained 1,500 jobs.

Wholesaler and government were the only sectors to shed jobs. Consumer prices rose at a year-over-year pace of 2.4 percent in March, the sharpest annual increase in 12 months. They're less likely to take jobs in construction and manufacturing. That is quite a turnaround from the sluggish job growth experienced in 2016, and it is a sign that firms have continued to accelerate their hiring as the economic outlook has strengthened and demand and production have improved considerably.

In other words, full employment isn't when everyone has a job.



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