The report easily soared above expectations, as economists polled by Reuters had forecast nonfarm payrolls rising by 185,000 jobs last month.
He called the new data “a confirmation of what the president has said all along.”
“That you let Americans keep more of what they earn, you cut taxes on individuals and businesses, you roll back federal red tape, you unleash American energy, you fight for the kind of trade deals that put the American jobs and American workers first, that the American economy would come roaring back and we’re witnessing it and it’s truly inspiring,” he said.
Hispanics have done well in the job market in recent years, with the average unemployment of below 4.8 percent in the past 24 months. The only other two-year period that came within a stone’s throw of that number was between 2006 and 2007, right before the Great Recession, when the average Hispanic unemployment dropped below 5.5 percent.
“We can all agree that AMERICA is now #1. We are the ENVY of the WORLD — and the best is yet to come!” President Donald Trump wrote on Twitter on May 3.
Trump repeatedly has attributed the growing economy to the tax cuts passed by Republicans in 2017, his administration’s ongoing deregulation agenda, and his tough stance on international trade, particularly in regard to China.
Hiring remains strong, despite anecdotal evidence of worker shortages in the transportation, manufacturing and construction industries, suggesting there is still some spare capacity in the labor market.
Steadily rising wages have on balance been keeping workers in the labor force and drawing back those who had dropped out. Average hourly earnings rose six cents, or 0.2 percent in April after rising by the same margin in March. That kept the annual increase in wages at 3.2 percent. Workers put in fewer hours in April. The average workweek fell to 34.4 hours from 34.5 hours.
The economy grew at a 3.2 percent annualized rate in the first quarter, driven by a surge in exports and inventories, quickening from the October-December period’s 2.2 percent pace.
The dollar dipped versus a basket of currencies after the employment report, while U.S. Treasury yields were marginally lower.