Job creation in April in the U.S. bounced back from a disappointing March, with non-farm payrolls growing by 211,000 while the unemployment rate fell to 4.4%, its lowest since May 2007, long before the Great Recession
Economists had been expecting payroll growth of 185,000 and the headline jobless rate to tick up one-10th to 4.6% The payroll increase nearly tripled the disappointing March number.
Moreover, wages south of the border grew seven cents an hour to an annualized pace of 2.5%
The unemployment rate dropped even as the labour force participation rate edged lower to 62.9%. The employment-to-population ratio increased to 60.2%, its best showing of 2017 and the highest level since February 2009.
Job growth was concentrated in lower-paying areas, with leisure and hospitality adding 55,000 positions. Health care and social assistance positions rose 37,000, financial activities grew by 19,000 and professional and business services grew by 39,000.
The report comes a month after a dismal March that saw payrolls grow by just 79,000, a number that was revised lower from 98,000. That number appeared to dash some of the hopes that the economy was poised for a breakout year in 2017.
Jobs skewed sharply to full-time positions, which grew by 480,000, while the part-time rolls tumbled by 370,000.
