Great Again: Unemployment Rate Drops to Lowest Level in 50 Years | NTK Network Great Again: Unemployment Rate Drops to Lowest Level in 50 Years

Great Again: Unemployment Rate Drops to Lowest Level in 50 Years

The economy added another 263,000 jobs in April as the unemployment rate dropped yet again.

By NTK Staff | 05.03.2019 @9:22am
Great Again: Unemployment Rate Drops to Lowest Level in 50 Years

The U.S. economy posted yet another strong month of job growth this morning as the unemployment rate dropped to its lowest level since December 1969.

According to the Bureau of Labor Statistics’ monthly report, the U.S. economy added 263,000 jobs in the month of April, beating expectations by more than 70,000 jobs. Experts predicted about 190,000 new positions, according to Yahoo Finance.

And the unemployment rate dropped to a 50-year low, hitting 3.6 percent. That’s a full 0.2 percentage points lower than the expected 3.8 percent. The last time the unemployment rate was this low, Americans had just landed on the moon for the first time months earlier, President Nixon was wrapping up his first year in office, and the Public Broadcasting Service (PBS) was just established.

Hourly earnings were up 0.2 percent, as well.

Experts say not to expect the Federal Reserve to step in with interest rate increases, however:

“I think the Fed has really moved to the sidelines, because they’re concerned about just keeping the expansion going. If anything, I think what really brings them back into play will be inflation that starts to overheat,” Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, said in an interview with Yahoo Finance ahead of the release of the jobs report. “Right now, I think they’re very happy with where the jobs picture is.”

At publication time, President Donald Trump had not tweeted about the jobs report.

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