U.S. job growth continued to increase during the month of April and the overall unemployment rate dropped to a more than 49-year low of 3.6 percent. This record low unemployment, not seen in an entire generation, demonstrates the economy’s robust growth.
The April jobs report, released by the Department of Labor on Friday, May 3, revealed steady wage gains over the past month, consistent with moderate inflation. The report was supportive of the Federal Reserve’s decision earlier this week to keep interest rates unchanged and signaled unanticipated adjustments in monetary policy. Federal Reserve Chair Jerome Powell described the economy and job growth as “a bit stronger than we anticipated” and inflation “somewhat weaker.”
