America’s employment market has seemingly rebounded this April.
The rate of unemployment dropped to around 4.4%, the lowest since May of 2007.
America has added around 211,000 solid jobs last April, surpassing March’s disappointing 79,000 gained, reported the US Labor Department’s figures Friday.
“It’s a very strong report,” said the chief investment strategist State Street Global Advisors, Michael Arone. “We’re nearing full employment in the US economy.”
“The unemployment rate is even lower than expected. We’re seeing that continued wage growth. To me, these are all good signs,” said Cathy Barrera, ZipRecruiter’s chief economic adviser.
This is the third report regarding jobs and unemployment since current President Trump came to office.
The United States gained about 522,000 jobs during that time. Trump previously took credit for the condition of the increase in the job market performance.
However there are significant other factors outside of the president’s realm of control that factor into such an increase.
“If you are a manufacturing executive, you’re not adding employees based on hopes alone,” Arone said. “It’s based on more of a global growth trade than it is on the optimism regarding the Trump administration’s policies.”
April’s report also indicated multiple other signs of such progress.
Underemployment in the United State, including Americans that have accepted part-time positions and varying lengths of employment, have hit its lowest point in the past decade as well.
The biggest measure of unemployment, “U-6 rate”, has hit 8.6%, which is significantly down from 17% since back in 2010, and lower than one year ago.
“There’s been a dramatic improvement there,” says Luke Tilley, chief economist at Wilmington Trust. “It’s a solid labor market right now.”