More Stellar Unemployment News: 3.9 Percent

Also, there is record-low unemployment for both blacks and Hispanics.

Economists claim they were expecting even better unemployment news because the previous months have gone so well. But that shouldn’t blind us to the amazing news that unemployment dropped to 3.9 percent. That’s a record going back to 2001!

CNBC reports, “Nonfarm payrolls increased by 164,000 in April, vs 192,000 jobs expected.

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The unemployment rate fell to 3.9 percent in April, an 18-year low, even as nonfarm payrolls rose by just 164,000, according to a report Friday from the Bureau of Labor Statistics.

Economists surveyed by Reuters had expected payroll growth of 192,000 and the jobless rate to drop by one-tenth of a percent to 4.0 percent. The official jobs tally showed an increase from an upwardly revised 135,000 in March.

[…]

The […] average hourly earnings number rose by 4 cents, equating to a 2.6 percent annualized gain, a bit off the pace from the previous month and a shade less than expected. […]

A more encompassing measure of unemployment that includes discouraged workers and those holding part-time positions for economic reasons fell to 7.8 percent, the lowest since July 2001. Unemployment for blacks fell to a fresh record-low of 6.6 percent, down 0.3 percent.

The drop in the unemployment rate came amid another decline in the labor force participation rate to 62.8 percent, the lowest since January. The number of people counted as out of the labor force swelled by 410,000 to 95.74 million.

Read the full CNBC story.

You might have missed that single sentence that CNBC included about black unemployment. Perhaps it deserves its own headline.

The Washington Examiner reports, “Black, Hispanic unemployment rates hit record lows in April.

The unemployment rate for black workers hit the lowest on record in April […]

The unemployment rate […] dropped to 6.6 percent, beating the previous record low of 6.8 percent set in December.

The jobless rate for Hispanics fell to 4.8 percent, tying the record reached last year and in 2006.

Read the full Washington Examiner story.

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About the author

Joe Scudder

Joe Scudder

Joe Scudder is the "nom de plume" (or "nom de guerre") of a fifty-ish-year-old writer and stroke survivor. He lives in St Louis with his wife and still-at-home children. He has been a freelance writer and occasional political activist since the early nineties. He describes his politics as Tolkienesque.

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