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The US economy only created 175,000 new jobs last month, and the 3.9% unemployment rate increased.
The Bureau of Labor Statistics reports that the jobless rate increased slightly to 3.9%. The unemployment rate has been below 4% for 27 months running in April, a record previously seen in the late 1960s.
FactSet consensus estimates show that economists expected the unemployment rate to remain stable at 3.8% and that 235,000 new jobs were created last month.
A major contributor to job gains, the health care and social support sector accounted for nearly half (about 87,000) of April’s employment gains. The remaining job growth was spread out among a number of other areas, with retail, warehousing, and transportation recording some of the largest increases.
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