Unemployment rate unexpectedly drop in April to a 10-year low, suggesting a healthy labor market conditions.
Nonfarm payrolls surged by 211,000 jobs last month, up from a 79,000 advance in March, the Labor Department said on Friday. The number is better than the median forecast of a 190,000 gain, according to economists polled by bloomberg.
Payrolls in March was also revised lower to 79,000.
Unemployment rate fell to a 10-year low to 4.4 percent.
"4.4 percent unemployment rate, that's great, but with a downtick in participation, that underscores how hard it is to re-engage the people we lost," said Diane Swonk, CEO of DS Economics, CNBC reported. "Unfortunately, this is what full employment looks like in an economy that has a shadow of a Great Recession."
Initial claims for unemployment benefits fell 19,000 to a seasonally adjusted 238,000 in the week ended April 29, the Labor Department said on Thursday.
The jobless claims have been below 300,000 for 113 straight weeks, the longest streak since 1970. At that time, the data base was much smaller than today.
The continued strength in the labor market supported Fed’s to raise rate. Investors has anticipated two more rate hikes this year.