News

Economy going strong given jobless rate dip

May 10, 2017

U.S. employers hired on over 200,000 workers in April and the jobless rate dipped to 4.4 percent — the lowest rate in over 10 years, according to a New York Times report.

Yet that doesn't mean consumers and companies aren't anxious regarding the economy, states the Times, noting sluggish wage growth. Labor Secretary Alexander Acosta, however, described the monthly update report as "great news," on social media platform Twitter.

"The momentum in the job market is really impressive," Jason Furman, the chief economic adviser in the Obama administration, told the Times. "I'm frankly surprised that this late into an expansion the economy is still adding jobs well above the steady-state pace."