US jobless rate falls to lowest level in 10 years

6 May 2017   USA

The pace of US jobs growth bounced back last month while the unemployment rate dipped to its lowest level since 2007, supporting the Federal Reserve’s view that the economy’s choppy first-quarter was probably a blip and bolstering Wall Street’s expectations for a June rate rise. The US economy added 211,000 jobs in April, from a downwardly revised gain of 79,000 jobs in the previous month, the labour department said. Meanwhile, the unemployment rate fell to 4.4 per cent from 4.5 per cent, significantly lower than the 4.6 per cent that Wall Street was expecting. However, that came as the labour force participation rate, a measure of the working-age population that is either employed or seeking work, dipped to 62.9 per cent from 63 per cent.

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