Hicks Examines 'Strong' Jobs Report
MUNCIE - Ball State University economist Mike Hicks says today's national jobs report shows evidence the labor market is at or near full employment. The U.S. unemployment rate fell to 4.5 percent in March, which is a 10-year low, which Hicks says provides "a little (past due) April Fools confusion."
"The topline jobs number from the business survey is much lower than in recent months, with only 98,000 jobs created," he said. "In all other employment measures, this is a strong jobs report as evidence from a growing labor force, big declines in involuntary part-time work, a robust composition of industrial growth and shorter duration of unemployment."
Wages also grew last month by nearly $2 per hour in weekly earnings. Hicks the nearly across-the-board increases suggest a tightening of labor markets. Hicks expects future revisions will bump up the number of jobs created in March.