U.S. Jobs SOAR Past April Expectations, Unemployment Rate Falls to 3.6%
The United States added 263,000 new jobs to the market and the unemployment rate fell to 3.6 percent–the lowest in a generation, according to CNBC.
Wall Street predicted only 190,000 new jobs and a 3.8 percent unemployment rate.
Average hourly earnings growth held at 3.2% over the past year, a notch below Dow Jones estimates of 3.3%. The monthly gain was 0.2%, below the expected 0.3% increase, bringing the average to $27.77. The average work week also dropped 0.1 hours to 34.4 hours.
The last time the unemployment rate was this low was in December of 1969 when it hit 3.5%
U.S. worker productivity also increased 3.6 percent in the last quarter–the strongest pace since the third quarter of 2014.
Economists had predicted a 2.2 percent productivity rate.
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