losangelesnewstoday.com
losangelesnewstoday.com November 21, 2017


USA employment up in April, jobless rate falls to 4.4%

12 May 2017, 12:33 | Maryann Sutton

Canadian April Employment Rises 3200, Unemployment Dips To 8-Year Low

US employment growth seen rebounding, wages increasing

New applications for USA jobless benefits fell sharply last week and the number of Americans on unemployment rolls hit a 17-year low, pointing to a tightening labour market that could allow the Federal Reserve to raise interest rates next month.

Employers added 79,000 jobs in March, partly because of a snowstorm that weighed on economic activity, revised figures released by the government Friday showed. The new report adds to evidence that the job market remains healthy. That industry sector has added 612,000 jobs over the past 12 months. The bulk of the job gains in April came from leisure and hospitality, education and health, and business services but even beleaguered sectors such as mining and manufacturing showed growth.

With the stronger than expected job growth, the unemployment rate edged down to 4.4% in April from 4.5% in March.

An unemployment rate of anything under 5% is considered to indicate full employment.

While the national unemployment rate of 4.4% marks almost a full return to pre-crisis levels, unemployment in some segments of the population is far higher. For instance, the U-6 rate measure that covers individuals who gave up looking for a job, or those who work part-time but want to work full-time, dropped to 86 percent in April, the lowest level in the past decade.

In April, average hourly earnings rose 7 cents to $26.19, following a 5-cent increase in March.

Nevertheless, Gus Faucher, chief economist at PNC, said "the U.S. job market is in solid shape", withthe economy "approaching full employment". "The Fed will respond accordingly".

United Nations panel to review PH human rights record
"We believe in peace, non-violence and upholding human dignity". It is among 14 countries to be reviewed in the current cycle.

All that put together, then, the United States central bank-the Federal Reserve-cited that this slow-down was largely responsible for its decision not to change the interest rate.

The rate reduction was fostered by an 211,000 increase in nonfarm payrolls.

The drop in youth participation helped push the jobless rate down by 0.2 percentage points in April even though overall employment was nearly unchanged.

Average hourly wage growth remained muted, rising just 0.5 percent in April compared with a year earlier.

The economy grew at a lackluster 0.7 percent rate in the January-March quarter, down from a 2.1 percent rate in the fourth quarter. A broader measure of unemployment, which counts unemployed people, discouraged workers and those working part-time who can't find full-time work, also dropped to a almost 10-year low, at 8.6 percent.

The muted wage growth was likely to keep the central bank on the sidelines in terms of monetary policy changes, said Paul Ferley, assistant chief economist at RBC.

The Fed raised rates by a quarter of a percentage point in March and has forecast two more increases this year.



Other News

Trending Now

Curry's 30 lead Warriors to sweep after 121-95 win over Jazz
And as the quarter winded down, Hayward was treated to chants of "Gor-don Hay-ward" as he left the game, and rightfully so. The Cavaliers pushed against the spread in both of their close-out games this playoff season.

Hertz Global Holdings, Inc (HTZ) Bonds Trading 1.3% Higher
Analysts polled by FactSet had expected the auto rental company to report a loss of 90 cents a share on sales of $1.95 billion. Company's distance from 20 day simple moving average is -6.81% and distance from 50-Day simple moving average is -18.16%.

Sidney Crosby returns to practice after concussion
Braden Holtby finished with 15 saves, but Washington failed to even the series despite controlling play for long stretches. While Crosby appreciates the concern about his condition given his concussion history, he stressed he's not rushing back.

Kerala Congress got hurt during UDF rule
Mani also dismissed the UDF's threat that the KC (M) had closed the door to returning to the UDF by aligning with the CPI (M). Eight KC (M) members supported Congress candidate Sheela Thomas who was elected as the vice-president of the panchayat.

Safa confirms Stuart Baxter as Bafana Bafana's new coach
Safa has reached agreement with Baxter's current club SuperSport United for the 63-year-old to continue with them until July. This season, United reached the Telkom Cup final but were defeated by newly formed PSL side Cape Town City.

'Frozen 2,' 'Star Wars: Episode IX' Snag Release Dates in 2019
Lucasfilm gets a lot of insights from fans, who have a lot of ideas and theories about what may happen in Star Wars universe. While it's possible the studio knows exactly what's next for the franchise, they clearly don't want to tell us about it yet.

Consensus emerging to extend output pact: Saudi Opec governor
West Texas Intermediate for June delivery dropped as much as 3.9 percent to $43.75 a barrel on the New York Mercantile Exchange. Crude prices spiked and many predicted a speedy return to $60-plus prices as excess supply would finally be drained.

Labour Party Suffers Crushing Defeat After Local Elections, Jeremy Corbyn Unperturbed
The favorable results for the Conservatives echoed May's call to the public to give her party the majority ahead of Brexit talks. In total, 35 English council elections - a lot of them county councils - and every seat in Scotland and Wales were up for grabs.

Ann Coulter a no-show at raucous but peaceful Berkeley rally
Coulter had publicly floated the idea of making a controversial visit to Berkeley despite the cancellation, but didn't appear. But Cole said late Wednesday the government cannot define threats to free speech because that could result in censorship.

US government needs a 'shutdown' to 'fix mess': Donald Trump
He said Republicans also had prevailed on defense funding, although the budget gives Trump only about half of what he was seeking. He says it's "a really good down payment" on rebuilding the military and "the biggest increase in border security in a decade".