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Jobless rate falls to 5.7% in Thunder Bay

09 May 2017
Jobless rate falls to 5.7% in Thunder Bay

New BLS figures revised February's employment figures up from 219,000 to 232,000.

The U.S. economy added 211,000 new jobs in April, according to the jobs report released by the Bureau of Labor Statistics Friday.

The Fed increased its benchmark interest rate a quarter of a point during its March 14 meeting, which was the second such increase in three months. The April drop also largely reversed a labor-force gain in the previous month of 47,000.

Statistics Canada also points out that almost 8,800 more people started working in transportation and warehousing in Ontario last month.

U.S. non-farm payrolls increased by 211,000 jobs last month, boosted mostly by hiring in the hospitality and healthcare sectors, bringing the country's unemployment rate down to 4.4 per cent, the lowest since May 2007.

As more Americans find work and the labor market tightens, you can expect wages to rise because of the competition among employers to attract the remaining qualified job candidates.

However, that helped cause a tumble during March that offset gains that became amplified due to snowstorms across the Northeast and Midwest that left growth in employment during March at approximately 50% of the earlier rates. Jobs were also added in the retail (6,300), construction (5,000), and government (17,000) sectors.

The Canadian economy added a net 3,200 jobs last month, Statistics Canada said Friday.

Wages continued to climb in April, with average hourly earnings rising almost 0.3 percent for the month to $26.19, which is 2.5 percent higher than the same month past year.

President Donald Trump inherited a solid job market from the Obama administration and pledged to boost economic growth even further, strengthening the labor market by reducing regulation and taxes.

Unemployment rates aren't the only useful measure of the job situation.

The drop in youth participation helped push the jobless rate down by 0.2 percentage points in April even though overall employment was nearly unchanged. The last time the United States unemployment rate was this low was May of 2007. Economists look past the official unemployment rate - that 4.4 percent figure, also known as the "U-3" - to other metrics that give their own view of jobs in the country.

Wages grew seven cents an hour to an annualized pace of 2.5 percent, a decline from March's 2.7 percent rate. It hasn't been lower in 16 years, and has hovered below 5 percent since last May.