Jobs make a comeback, unemployment rate drops to the lowest in a decade
Brian Ach/Getty Images For Nolcha
Economists had forecast that nonfarm payrolls rose by 190,000, according to Bloomberg. The gains in March were revised down by 19,000 jobs to 79,000.
The unemployment rate fell to 4.4%, the lowest since May 2007, suggesting that the economy was even closer to full employment - a situation in which most people who looked for a job found one. The U-6 unemployment rate, a broader measure that includes people who are working part-time for economic reasons, fell to 8.6%, the lowest since November 2007.
After two months of declines, the retail sector added 6,300 jobs. But the losses may not be over, as roughly 3,500 stores are expected to close over the next few months with retail giants like Macy's and JCPenney shuttering locations. Department stores, for example, shed 600 jobs even as the broader sector increased hiring.
Wage growth slowed last month, with average hourly earnings increasing by 2.5% year-on-year, down from 2.6%.
NOW WATCH: Why people drink tomato juice on planes
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Mukesh Ambani’s JioCinema cuts subscription prices as India’s streaming war heats up
- Data Analytics for Decision-Making
- Experts warn of rising temperatures in Bengaluru as Phase 2 of Lok Sabha elections draws near
- Axis Bank posts net profit of ₹7,129 cr in March quarter
- 7 Best tourist places to visit in Rishikesh in 2024