May 6, 2019
The U.S. economy accelerated with unemployment unexpectedly dropping to a new 49-year low. The Labor Department reported strong hiring, with payrolls climbing by 263,000 in April after recording a revised 189,000 level the prior month.
The unemployment rate declined to 3.6% the U.S. Bureau of Labor Statistics reported on Friday. That is the lowest rate since December 1969. Over the month, the number of unemployed persons decreased by 387,000 to 5.8 million. The biggest job gains occurred in professional and business services, construction, health care, and social assistance.
Transwestern’s Elizabeth Norton says, “This summer will mark the longest recovery period in history. Since the start of 2019, the economy has added on average 205,000 jobs, which is enough to keep the economy humming and advancing forward.”
Norton added, “The number of job openings has outpaced the number of people looking for work, an indicator of a tight labor market. However, this could also indicate a potential skills mismatch, a growing concern for several companies. This mismatch could slow hiring during the balance of 2019, as finding and hiring talent becomes increasingly challenging.”
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