The economy created 288,000 jobs in April. The jobless rate has fallen to a 5-1/2 year low to 6.3%. That is the lowest rate since the 2008 financial implosion.
According to Reuters,
The economy stalled in the first quarter, weighed down by an unusually cold and disruptive winter. A slow pace of stock accumulation by businesses, while they work through a glut of goods amassed in the second half of 2013, also undercut growth.The one slightly negative number in the report was the labor force participation rate. It fell 0.4%. It is the lowest level since December.
The employment report joins other upbeat data such as consumer spending and industrial production in suggesting the first quarter's 0.1 percent annual growth pace was an aberration and is not a reflection of the economy's otherwise sound fundamentals.
According to the BLS Employment Situation Summary,
In April, average hourly earnings for all employees on private nonfarm payrolls were unchanged at $24.31. Over the past 12 months, average hourly earnings have risen by 1.9 percent. In April, average hourly earnings of private-sector production and nonsupervisory employees edged up by 3 cents to $20.50.The Obama administration has been getting very economic news lately. The Affordable Care Act continues to outperform. And this jobs report is much better than expected. Is this the recovery that has been expected for years now?
The change in total nonfarm payroll employment for February was revised from +197,000 to +222,000, and the change for March was revised from +192,000 to +203,000. With these revisions, employment gains in February and March were 36,000 higher than previously reported.