IE Business Daily Business news for the Inland Empire.
The U.S. economy added 223,000 jobs in April, a slight rebound from the lackluster first three months of the year.
The unemployment rate fell to 5.4 percent, down from 5.5 percent in March and the lowest it’s been in seven years, according to data released Friday by the U.S. Department of Labor.
Like the unemployment rate, the total number of people out of work – approximately 8.5 million.- was essentially unchanged in April.
Once again, the jump in employment did not translate into growth in wages.
Some economists had predicted a 0.2 percent increase or more in wages during April, but unfortunately the economy wasn’t able to muster that: average hourly earnings grew an anemic 0.1 percent, and have grown only 2.2 percent to date this year, according to the department’s monthly jobs report.
Professional and business services added 62,000 jobs in April, nearly doubling their average monthly gains during the first quarter. Health care and construction each added 45,000 jobs in April, while the logistics sector added more than 15,000 jobs.
Employment in some other major categories – manufacturing, wholesale trade, retail, information, the financial industry, government and leisure/hospitality – showed little month-over-month change, the report stated.
