USA adds 263,000 jobs, lowest unemployment rate since 1969

USA adds 263,000 jobs, lowest unemployment rate since 1969

The unemployment rate is at its lowest level in 50 years since December 1969, CNN reports.

Instead, the USA economy added a whopping 263,000 jobs last month, blowing by Wall Street's expectations of 185,000 jobs, bringing unemployment to its lowest level since 1969.

The Labor Department also revised job-gain estimates for the previous two months to 189,000 new jobs in March and 56,000 in February, for a total of 16,000 more new jobs than previously estimated.

Economists surveyed by Bloomberg forecast that the Bureau of Labor Statistics will say the United States added 190,000 nonfarm payrolls last month.

In April, massive job growth fueled record-low unemployment, leading President Donald Trump to celebrate the booming economy. While unemployment fell, so did the labor force participation rate, which declined 0.2 percentage points to 62.8 percent, which represents a 490,000 person drop, reports CNBC.

Worker productivity has jumped 2.4 percent over the past year, as measured by each worker's output of goods and services on the job, according to Department of Labor data released Thursday and reported by The Wall Street Journal.

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