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Financial News: U.S. Employment Climbs Less Than Expected In April

U.S. Employment Climbs Less Than Expected In April

05/04/2018 - 08:43:00 (RTTNews)

(RTTNews) - A closely watched report released by the Labor Department on Friday showed weaker than expected job growth in the month of April, although the unemployment rate still fell to its lowest level in over seventeen years.

The Labor Department said non-farm payroll employment climbed by 164,000 jobs in April after rising by an upwardly revised 135,000 jobs in March.

Economists had expected employment to increase by 192,000 jobs compared to the addition of 103,000 jobs originally reported for the previous month.

Meanwhile, the report said the unemployment rate fell to 3.9 percent in April after holding at 4.1 percent for six straight months. The unemployment rate had been expected to edge down to 4.0 percent.

With the bigger than expected decrease, the unemployment rate dropped to its lowest level since a matching rate in December of 2000.

The Labor Department also said average hourly employee earnings inched up by $0.04 or 0.1 percent to $26.84 in April.

Compared to the same month a year, average hourly earnings were up by 2.6 percent in April, unchanged compared to the revised growth seen in March.

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