>> Another month of underwhelming job creation in the US, during April. The labor department announced Friday, payroll gains of 164,000, which was a bounce back from a six month low in March, but still below what Wall Street was expecting. I'm Conway in New York. Not even a drop in the unemployment rate to 3.9%.
That's a low not seen since the dotcom bubble, we're talking December 2000, was enough to please Wall Street. The reason, because the drop in the unemployment rate was largely due to the number of people leaving the workforce. The numbers, however, may be showing a disconnect between those looking for work, and those looking to hire.
Some employers are beefing up complaints, that they can't find qualified workers to fill open positions, especially in the manufacturing and construction industries. Friday's employment report revealed another problem, wages. Paychecks barely grew last month, that suggests inflation isn't raging out of control, which should keep the Federal Reserve on track for only two more rate hikes this year.
Economists are scrutinizing the numbers, to see if US corporations are using the Trump tax cuts to put Americans back to work, or at least boost wages. But judging from this report, they'll have to keep on looking.