U.S. economy adds 263,000 jobs in April
Total nonfarm payroll employment increased by 263,000 in April, and the unemployment rate declined to 3.6 percent, the lowest rate since December 1969, reported the U.S. Bureau of Labor Statistics. Over the month, the number of unemployed persons decreased by 387,000 to 5.8 million.
Notable job gains occurred in professional and business services, construction, healthcare, and social assistance.
“This summer will mark the longest recovery period in history. The economy kept this healthy pace with the addition of 263,000 new jobs in April 2019,” said Elizabeth Norton, managing research director at Transwestern. “Since the start of 2019, the economy has added on average 205,000 jobs, which is enough to keep the economy humming and advancing forward. The unemployment rate, now at 3.6 percent, is a new 50-year low and indicates a tight labor market, which is prompting companies to boost pay, as the average hourly rate increased 3.2 percent over the year. The number o