Black Unemployment Rate at 6.6%, Sharply Above National Average

Black Unemployment Rate at 6.6%, Sharply Above National Average

Even though many anxious that interest rates would rise following two weeks of record low unemployment, the US central bank left rates unchanged.

"This is a great time to be a job seeker in America". The economy added 164,000 jobs, which was the second consecutive sub-200,000 job month in a row. Leisure and hospitality employers added 18,000 jobs last month.

"Getting down to 3.9 is quite a marker", said Robert Frick, chief economist with Navy Federal Credit Union.

"This jobs report is truly a mixed bag", said Mark Hamrick, senior economic analyst at financial information website Bankrate.com. Only the 1990s expansion was longer.

Much of the economy's strength, for the moment, comes from the healthy job market. There are more than 6 million unfilled job openings in the United States, near a record. It only counts people as unemployed if they have looked for a job in the four weeks before the survey was conducted, leaving out people who have searched for work less recently or who have left the workforce for other reasons.

The average hourly wage rose by 2.6 percent year-over-year, maintaining a slow pace of growth, according to forecasts.

"It's a Groundhog Day kind of employment report", said Michael Gapen, chief USA economist at Barclays PLC, referring to the film where actor Bill Murray's character must relive the same day over and over.

"People are creatures of habit", Ms. Barrera said. "But my message to clients now is the more we get that kind of report going forward, the more I'm going to think we're closer to the end of the cycle". The unemployment rate in Arkansas in March, the most recent measurement, was 3.8 percent. According to the Wall Street Journal, it has happened, "only a few times over the past 70 years - during the Korean War in the early 1950s, during the Vietnam War in the late 1960s and early 1970s, and during the tech boom of 2000". Wages dropped 4.7 percent. MarketWatch's Rex Nutting, meanwhile, says there's a more important number to pay attention to.

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Inflation is flirting with the Fed's 2 percent target.

The report boosted the stock market: The Dow jumped nearly 300 points.

While cold weather in March and April probably held back job growth, hiring is moderating as the labour market hits full employment.

Hiring gains in April were broad. The health care and social assistance sector added 29,300 jobs and the construction industry 17,000. Employment in mining has risen by 86,000 since October 2016. Over the three months through April, job gains have averaged 208,000 per month.

"It's a robust pace given where we are in the cycle", Panday said.

President Donald Trump's tweet told the story: "4% is broken!" "3.9% Unemployment. 4% is Broken!" he said on Twitter.

"President Trump promised American families that they would see a $4,000 annual raise after the tax plan, so far, average weekly wages have increased $11.69", Democratic Senator Martin Heinrich said.

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