Unemployment Rate Hits Lowest Point in 49 Years

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"JOBS, JOBS, JOBS! 'Jobs surge in April, unemployment rate falls to the lowest since 1969.'" Trump tweeted.

"Employment gains are strong enough to dispel any immediate concerns over the health of the economy, while wage gains are not strong enough to force the Federal Reserve's hand to tighten the policy stance", said Harm Bandholz, chief U.S. economist at UniCredit Research in NY.

The second month of strong employment growth put to rest concerns about a recession and ironically undercut Trump's call for the Fed to cut interest rates. The economic outlook in some other major economies improved.

Visitors gather at a job fair for military veterans to meet with recruiters at Heinz Field in Pittsburgh, Pennsylvania. This comes two days after the Federal Reserve chose to keep interest rates steady.

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The data from the Labor Department blew past analysts' expectations, which had pegged job growth at 190,000 jobs. The average hourly wage was up 3.2% compared to a year ago, well above the 1.9% rise in prices.

The government reported that the US economy grew at a 3.2 per cent annual rate in the January-March period - the strongest pace for a first quarter since 2015.

On average, nonfarm payrolls increased by a solid 180,000 per month in the first quarter. The service sector accounted for most of the gains. A likely factor is that steady job growth and solid wage increases have enlarged Americans' paychecks.

President Trump hailed the "unbelievable" economy on Friday, calling the U.S. the "envy of the world" amid an jobs report that showed the lowest unemployment rate in 49 years. Government payrolls increased by 27,000 in April.

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