First the good news for President Trump: There were far more jobs created in the US during April than the “experts” were predicting.
Now the bad news. That excellent job growth will keep the president from getting the one thing he wants most now, a cut in interest rates from the Fed.
On Friday the Labor Department announced that 263,000 jobs were created last month. That was far above the 181,000 or so that the “experts” were officially predicting.
Some people on Wall Street had even been whispering that the number could be as high as 200,000 after ADP, which monitors only private companies’ job growth, reported strong job gains in its survey last week.
Stocks rose on the news, erasing some losses earlier in the week.
To make the picture even rosier, employment gains in February and March were revised upward by 16,000 jobs.
And the unemployment rate for April declined to 3.6 percent from 3.8 percent. That was the lowest jobless rate since December 1969.