The unemployment rate has fallen to below four percent and jibs are up. This is fantastic news. If this had happened on Obama’s watch, people in media would be doing cartwheels on TV. But it happened on Trump’s watch so don’t expect to hear much about it on CNN.
U.S. job growth picks up, unemployment rate falls to 3.9 percent
U.S. job growth increased less than expected in April and the unemployment rate dropped to near a 17-1/2-year low of 3.9 percent as some out-of-work Americans left the labor force.
The Labor Department’s closely watched employment report on Friday also showed wages barely rose last month, which may ease concerns that inflation pressures are rapidly building up, likely keeping the Federal Reserve on a gradual path of monetary policy tightening.
“Fed officials can rest easy that there is not any wage-based inflation on the horizon,” said Chris Rupkey, chief economist at MUFG in New York. “There is no need to speed up the path of interest rates because inflation isn’t heating up in a worrisome manner.”
Nonfarm payrolls increased by 164,000 jobs last month, the Labor Department reported. Data for March was revised to show the economy adding 135,000 jobs instead of the previously reported 103,000. That was the fewest amount of jobs created in six months and followed an outsized gain of 324,000 in February.
In the end, it doesn’t really matter what the media thinks about this. It’s just great news for the American people.