U.S. employers added 211,000 new jobs in April, a dramatic increase compared to March’s disappointing payroll gains, and unemployment declined to 4.4%, the lowest rate in 10 years.
April's job gains occurred in leisure and hospitality, healthcare and social assistance, financial activities and mining.
The Fed will continue to monitor the labor market's progress as it holds firm to plans to increase interest rates another two or three times this year. Fed governors held off moving rates in May as March’s poor jobs report and a major slowdown in gross domestic product in Q1 painted a somewhat dismal picture of economic growth.
Still, central bankers remain optimistic in their assessment of the economy, expecting growth to rebound from the three-year low experienced in Q1. Policymakers raised benchmark rates a quarter-point March 15 to a range of 0.75% to 1%, signaling two more possible moves this year. The rate hike was of little surprise to investors, and commercial real estate economists overwhelmingly predicted the move based on the economy’s continued recovery and February’s strong jobs report.
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