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US Unemployment (U-3) In April Falls

This is a syndicated repost courtesy of Confounded Interest. To view original, click here. Reposted with permission.

Today’s jobs report is a hot shot for the US economy,

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US unemployment fells to 3.3% for April (U-3) while U-6 unemployment fell to 6.9%.

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And Hispanic unemployment fell to an all-time low!

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Professional and business services added 76,000 jobs in April. Within the industry, employment gains occurred in administrative and support services (+53,000) and in computer systems design and related services (+14,000). Over the past 12 months, professional and business services has added 535,000 jobs.

  • In April, construction employment rose by 33,000, with gains in nonresidential specialty trade contractors (+22,000) and in heavy and civil engineering construction (+10,000). Construction has added 256,000 jobs over the past 12 months.
  • Employment in health care grew by 27,000 in April and 404,000 over the past 12 months. In April, job growth occurred in ambulatory health care services (+17,000), hospitals (+8,000), and community care facilities for the elderly (+7,000).
  • Social assistance added 26,000 jobs over the month, with all of the gain in individual and family services.
  • Financial activities employment continued to trend up in April (+12,000). The industry has added 110,000 jobs over the past 12 months, with almost three- fourths of the growth in real estate and rental and leasing.
  • Manufacturing employment changed little for the third month in a row (+4,000 in April). In the 12 months prior to February, the industry had added an average of 22,000 jobs per month.
  • Employment in retail trade changed little in April (-12,000). Job losses occurred in general merchandise stores (-9,000), while motor  vehicle and parts dealers added 8,000 jobs.
  • Employment in other major industries, including mining, wholesale trade, transportation and warehousing, information, leisure and hospitality, and government, showed little change over the month.

Wage growth cooled a bit, but this is a strong jobs report.

In other words, with a growing economy and faster than expected jobs growth, we call all sing Sweet Home Chicago.

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