211,000 Jobs Added to the Economy in April

The latest From the BLS Employment Report:

Job creation in April soared to 211,000 while the unemployment rate fell to 4.4 percent, its lowest since the recession. So far this year, employers have added an average of 174,000 jobs. The average hourly earnings of private-sector workers grew 2.5 percent in the last year. This marks steady growth after a lackluster March. The boost in jobs growth confirmed that the tepid March numbers were a weather-related aberration, said Tony Bedikian, head of global markets for Citizens Bank. The solid April jobs report solidifies that there will be another interest rate hike from the Federal Reserve in June, economists said Friday.

“The report virtually cements the odds of a June rate hike. Something dramatic has to happen to persuade the Fed not to move,” said Sal Guatieri, senior economist at BMO Capital Markets.

Economists’ predictions

Economists predicted a payroll growth of 185,000 and the jobless rate to tick up one-tenth to 4.6 percent. The payroll increase nearly tripled from last month’s numbers, coming in at 211,000. Monthly job gains at the current pace should eventually help push up wages.

This Month’s Jobs Report

Let’s break down the numbers from this month’s jobs report.

In April, hourly wages increased by $0.07 to $26.19 per hour, following a 2 cent increase in March. This brings the year-over-year wage percentage increase to 2.5 percent. The unemployment rate saw a slight downtick to 4.4 percent.

The unemployment rate for financial activities now sits at 2.3 percent, which is consistent with last month. This average sits far lower than the national average. This means, for businesses looking to bring on finance professionals, the market remains extremely competitive. To ensure you’re positioning your company as a top employer for job seekers, check out our 2017 Salary Guide.