Did you know that Truthout is a nonprofit and independently funded by readers like you? If you value what we do, please support our work with a donation.
The unemployment rate fell to 3.9 percent in April, the lowest rate since 2000. It has only been below this level for one month in the last 45 years. However, in spite of the drop in unemployment, other aspects of the report were less encouraging. Most importantly, wage growth remains weak. The average hourly wage increased by just 4 cents in April, bringing the year-over-year increase to 2.6 percent. There is no evidence of acceleration.
The drop in the unemployment rate was also due to the reported drop in labor force participation, the second consecutive drop, not an increase in employment in the household survey. There was also a drop in the percentage of unemployment attributable to voluntary quits. The 12.7 percent share is still near the high for this recovery, but well below the rates of 14 percent or more seen in 2000. This suggests that, in spite of the low unemployment rate, workers are still not confident about their labor market prospects.
Press freedom is under attack
As Trump cracks down on political speech, independent media is increasingly necessary.
Truthout produces reporting you won’t see in the mainstream: journalism from the frontlines of global conflict, interviews with grassroots movement leaders, high-quality legal analysis and more.
Our work is possible thanks to reader support. Help Truthout catalyze change and social justice — make a tax-deductible monthly or one-time donation today.