An economist at Ball State University says the April jobs report demonstrates the continued expansion of the U.S. economy. Michael Hicks, director of the Center for Business and Economic Research at the university, says as the unemployment rate declined, wages grew well above the inflation target.
The U.S. saw total employment growth of 263,000, but the workforce showed a one month decline of 490,000. Hicks says manufacturing and logistics jobs were flat last month, with durable good production seeing a decline in wages. He adds the country saw employment growth in professional services, healthcare, social services and construction.
The nationwide unemployment rate fell to 3.6 percent last month. Hicks says the 3.2 percent year-over-year wage growth marks a significant improvement from most of the post-recessionary period.