Over the last few months, news sources have continued reporting that the unemployment rate is the lowest it’s been in 10 years. The United States Department of Labor indicated a 4.4% unemployment rate for the month of April, which is the lowest it had been since May 2007. That number further dropped to 4.3% in May of this year, which is a number we haven’t seen in over a decade.
The Washington Post reported that employers added 211,000 jobs in April, a major contributor to these record low numbers. The average hourly earnings also rose by 2.5 percent from the previous year to $26.19, which was slightly slower growth than was seen in previous months. These figures are clear indications of a strong economy.
The majority of job growth in April occurred in the leisure and hospitality, education and health, and business services sectors. Smaller sectors where growth also occurred were in mining and manufacturing – areas which have been closely observed due to job creation promises in these industries from President Trump.
California Unemployment Rate
The United State Department of Labor also posted California’s unemployment rate at an all-time low of 4.8%, the lowest in over ten years. A little over a month ago, the Los Angeles times reported on March’s number, with 19,300 jobs created within that month in California. Los Angeles County also had some noteworthy numbers, gaining a net 16,000 jobs in March, with its unemployment rate reaching a record-low of 4.6% as well.
We can only hope that our economy continues down this strong path with even lower record-breaking numbers.