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Saturday, 5 May 2018

US unemployment rate lowest this century

Jobs keep coming

US nonfarm payroll employment increased +164,000 in April 2018, racking up a 91st consecutive month of jobs gains.

The previous record was only 48 months.

There were also upwards revisions to take into account, taking 3-month average gains to a very healthy +208,000. 

The unemployment rate fell to just 3.9 per cent, the lowest since December 2000.

And yet still no signs of strong earnings growth.

Average hourly earnings increased by 4 cents to $26.84.

Over the past year average hourly earnings have increased by 67 cents, or +2.6 per cent. 

We saw a range of similar results in New Zealand this week

The so-termed natural rate of unemployment is clearly lower than was believed a few years ago, and the same quite possibly holds true in Australia.