The U.S. economy added another month of growth in 2017, posting a 10-year low unemployment rate of 4.4 percent in April. Nonfarm payrolls grew by 211,000, well above the 79,000 in March and the monthly average of 185,000 for this year.
Most jobs were created in the leisure and hospitality sector as well as business and professional services.
According to the New York Times:
Analysts forecast better hiring in April after a disappointing showing below 100,000 in March, but the strong growth was even better than expected. Payrolls in the leisure and hospitality industry led the way, followed by health care and financial and professional services. “They’re not buying cars, but they’re buying vacations,” said Diane Swonk, founder of DS Economics in Chicago.
Just days after President Donald Trump took office, the U.S. stock market hit 21,000 for the first time in history and job growth has steadily climbed ever since.