US employers add strong 211000 jobs; unemployment 4.4 pct


"The American job machine returned to form in April", James Marple, senior economist at TD Economics, wrote in a note to clients.

Job creation in the world's largest economy rebounded strongly in April, pushing the unemployment rate to its lowest level in 10 years, the US Labor Department reported Friday.

Statistics Canada says the drop in youth participation helped push the jobless rate down by 0.2 percentage points even though overall employment was nearly unchanged.

The record low for post-9/11 veterans comes after a slight uptick in unemployment between February and March.

However, at 2.5 percent, "This adds to the perception that it's going to be easier and easier to find a job if you want one these days", Brian Coulton, chief economist at Fitch Ratings, told CNBC.

The market rebounded during April amidst milder spring weather with employers adding 211,000 new jobs. The ADP report, a sort of preview to the official jobs report, showed that job growth in goods-producing industries had fallen somewhat after three months of strong gains.

But StatsCan also reports wage growth stalled to its weakest in more than two decades. Most economists expect a rate hike next month.

US employers add strong 211000 jobs; unemployment 4.4 pct
US employers add strong 211000 jobs; unemployment 4.4 pct

That number was almost triple the 4,200 jobs added in March, according to data released May 5 by Statistics Canada.

USA payroll gains expanded at a faster pace in April, and the unemployment rate dropped to 4.4 percent, the lowest in a decade. A survey by payroll processor ADP released Wednesday showed the private sector adding 177,000 jobs in April, slightly topping expectations, while another survey by professional networking site LinkedIn released the same day suggested that April was the strongest month for hiring in almost two years.

The low unemployment rate captures how far the USA economy has come since the Great Recession ended in 2009, when unemployment hit 10%.

In the household survey, the unemployment rate dipped further to 4.4 percent, down from 4.5 percent in March.

The report said the USA added 211,000 nonfarm jobs in March, while the unemployment rate improved by one-tenth of a point from March to 4.4 percent - its best mark since May 2007. This is the lowest unemployment rate for the province since January 2001.

The April jobs report showed a labor market in the home stretch of recovery from the Great Recession.

Average hourly wage growth dropped to 2.5% in April from 2.6% the previous month. It hasn't been lower in 16 years, and has hovered below 5 percent since last May.