President Donald Trump's campaign and administration battle cry of Make America Great Again is really happening, and nowhere is it more felt than in the jobs sector. The U.S. jobs growth pulled off a bigger recovery than expected in April as businesses added 211,000 posts.
The rise in employment was triggered by the leisure and hospitality sectors, health care and social assistance, financial activities and mining. Job gains in leisure, hospitality and health care added a collective 92,000 net new positions. Bars and restaurants also added 26,000 jobs last month, bringing the 12-month total for the industry to 260,000.
Insurance carriers hired 14,000 new workers. The mining sector gained 9,000 new jobs.
Average hourly earnings also rose by 2.5% compared to the same period last year.
U.S. Department of Labor figures also showed that the unemployment rate dropped to 4.4 percent compared with 4.5 percent in March. It is the lowest in a decade, since 2007. The jobs market rebound could pave the way for the U.S. central bank to raise interest rates in June.
The economy needs to create anywhere from 75,000 to 100,000 jobs a month to keep pace with growth in the working-age population. It's looking good because an unemployment rate of anything under 5% is considered to indicate full employment.
Experts are saying the U.S. job market is in solid shape with the economy "approaching full employment". Many of the experts agree that the U.S. economy is perking up under President Trump. Consumers, small businesses and corporate CEOs are said to be in a better mood since Trump took over.
There are still those, however, who are saying that who gets the credit for the good performance of the U.S. economy is open to debate- whether it's due to Trump's pro-business, pro-growth agenda or the residual effects of policies from Obama and low interest rates from the Federal Reserve.
It is undeniable, though, that several key economic indicators such as jobs have shown signs of promising and strong improvements since the inauguration, and even right after Trump's victory in November. So whoever is calling the shots from White House matter a lot.
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