This article is from the source 'nytimes' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.nytimes.com/2016/05/07/business/economy/jobs-report-unemployment-wages.html
The article has changed 7 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| U.S. Added 160,000 Jobs Last Month as Brisk Hiring Slows | |
| (35 minutes later) | |
| After months of gravity-defying gains, the American jobs machine cooled slightly in April, as employers took their cue from other signs that economic growth was slowing by easing up on new hiring. | After months of gravity-defying gains, the American jobs machine cooled slightly in April, as employers took their cue from other signs that economic growth was slowing by easing up on new hiring. |
| The 160,000 increase in payrolls in April reported by the Labor Department on Friday comes after the best two-year stretch for the job market since the tech-fueled boom of the late 1990s. | The 160,000 increase in payrolls in April reported by the Labor Department on Friday comes after the best two-year stretch for the job market since the tech-fueled boom of the late 1990s. |
| The unemployment rate stayed at 5 percent. | The unemployment rate stayed at 5 percent. |
| The consistent strength in hiring contrasts with other economic signals that have been decidedly mixed recently. Late last month, for example, the government reported that the economy barely expanded in the first quarter. | The consistent strength in hiring contrasts with other economic signals that have been decidedly mixed recently. Late last month, for example, the government reported that the economy barely expanded in the first quarter. |
| But most experts say the steady gains in the labor market in recent months are a sign that the economy should continue to expand at a decent, if hardly spectacular, pace for the rest of 2016. | But most experts say the steady gains in the labor market in recent months are a sign that the economy should continue to expand at a decent, if hardly spectacular, pace for the rest of 2016. |
| A hopeful sign of the economy’s trajectory in Friday’s report was the 0.3 percentage point rise in average hourly earnings. | A hopeful sign of the economy’s trajectory in Friday’s report was the 0.3 percentage point rise in average hourly earnings. |
| Until a nascent pickup recently, wages had been a sore point throughout the nearly seven-year-old recovery, barely rising despite the big drop in the unemployment rate. | Until a nascent pickup recently, wages had been a sore point throughout the nearly seven-year-old recovery, barely rising despite the big drop in the unemployment rate. |
| The change in earnings in April suggests that the upward tick in wages wasn’t a fluke. Wall Street had been expecting a 0.3 percentage point gain, which would translate to a 2.4 percent increase over the last year. | The change in earnings in April suggests that the upward tick in wages wasn’t a fluke. Wall Street had been expecting a 0.3 percentage point gain, which would translate to a 2.4 percent increase over the last year. |
| In an interview before the release of the data Friday, Diane Swonk, an independent economist, said there were indications that wages were shoring up, even if the month-to-month pattern had been uneven. | In an interview before the release of the data Friday, Diane Swonk, an independent economist, said there were indications that wages were shoring up, even if the month-to-month pattern had been uneven. |
| With dozens of states and cities having either already implemented or considering future increases in the minimum wage, she explained, salaries at the low end of the job market are finally inching up. | With dozens of states and cities having either already implemented or considering future increases in the minimum wage, she explained, salaries at the low end of the job market are finally inching up. |
| “We’ve hit a tipping point,” Ms. Swonk said. “It’s showing up in low-wage jobs, for waiters and waitresses, in retail and in leisure and hospitality.” | “We’ve hit a tipping point,” Ms. Swonk said. “It’s showing up in low-wage jobs, for waiters and waitresses, in retail and in leisure and hospitality.” |
| States including California, Colorado, Michigan and Massachusetts increased their minimum wages at the start of 2016, while Maryland and Washington, D.C., are set to enact raises on July 1. | States including California, Colorado, Michigan and Massachusetts increased their minimum wages at the start of 2016, while Maryland and Washington, D.C., are set to enact raises on July 1. |
| Whether a result of legally mandated increases at the bottom or because of raises doled out by employers eager to retain more skilled workers in a healthier economy, better-paying and more plentiful jobs also seem to be luring workers back into the job market. | Whether a result of legally mandated increases at the bottom or because of raises doled out by employers eager to retain more skilled workers in a healthier economy, better-paying and more plentiful jobs also seem to be luring workers back into the job market. |
| “The good news is that we are re-engaging people who’ve been on the sidelines,” Ms. Swonk said. “The question is how far we can go.” | “The good news is that we are re-engaging people who’ve been on the sidelines,” Ms. Swonk said. “The question is how far we can go.” |
| That question is also being pondered by Janet L. Yellen, the chairwoman of the Federal Reserve. Though the central bank kept rates steady when policy makers met last month, some economists argue they could move after their June meeting. | That question is also being pondered by Janet L. Yellen, the chairwoman of the Federal Reserve. Though the central bank kept rates steady when policy makers met last month, some economists argue they could move after their June meeting. |
| However, with inflation still very subdued and more dovish officials worried that another rate increase could choke off growth, other experts argue that any tightening in monetary policy will not happen until later in the year. | However, with inflation still very subdued and more dovish officials worried that another rate increase could choke off growth, other experts argue that any tightening in monetary policy will not happen until later in the year. |
| Indeed, some notable pockets of weakness remain in the nation’s economy, especially in regions dominated by manufacturing and the energy industry. | Indeed, some notable pockets of weakness remain in the nation’s economy, especially in regions dominated by manufacturing and the energy industry. |
| Despite contradictory macroeconomic signals, in hot fields like health care, technology and professional services, employers are scrambling to find new employees. In Chicago, ContextMedia brought 25 new employees aboard in April and plans to add about 100 workers a quarter for the rest of 2016, said Iman Jalali, the company’s chief of staff. | Despite contradictory macroeconomic signals, in hot fields like health care, technology and professional services, employers are scrambling to find new employees. In Chicago, ContextMedia brought 25 new employees aboard in April and plans to add about 100 workers a quarter for the rest of 2016, said Iman Jalali, the company’s chief of staff. |
| ContextMedia provides tablets and digital wallboards for doctor’s offices, supplying the devices, software and content for patients to access information during their visits. | ContextMedia provides tablets and digital wallboards for doctor’s offices, supplying the devices, software and content for patients to access information during their visits. |
| Salaries for software developers with several years’ experience can top $100,000 and it is a similarly competitive market for account managers, sales representatives and marketers. “The market is tighter,” Mr. Jalali said. | Salaries for software developers with several years’ experience can top $100,000 and it is a similarly competitive market for account managers, sales representatives and marketers. “The market is tighter,” Mr. Jalali said. |
| “We’re trying to attract talent from across the country,” he added. “We’ve got some of the best people in Chicago but when you are growing so quickly you need to keep growing the pool.” | “We’re trying to attract talent from across the country,” he added. “We’ve got some of the best people in Chicago but when you are growing so quickly you need to keep growing the pool.” |