One month following a lower-than-expected report for jobs in March, the Bureau of Labor Statistics (BLS) has released April numbers which indicate a rebound in jobs created and a decade-low unemployment rate.
With improving U.S. economic conditions, Wall Street now predicts it is more likely than not the Federal Reserve will raise interest rates in June, which will increase the cost of borrowing across-the-board.
“The April jobs report helps (the Federal Reserve) to keep their own brand of faith, meaning that the odds are good that the outlook remains for rising interest rates,” said a senior economic analyst at Bankrate.com.
The leading job growth sector was leisure and hospitality, which added 55,000 jobs, followed by professional services with 39,000 and the healthcare industry’s additional 37,000.
Despite the job surge in comparison to March, the labor force participation rate dropping one-tenth of one percent and the number of Americans not in the labor force rising to 94,375,000 from 94,213,000 in March indicates the economy, while rebounding steadily, remains imperfect.
Three month job totals under the Trump White House average 174,000.
[CNNMoney] [Gateway Pundit] [CNBC] [Photo courtesy Birmingham Business Journal]