(CN) – The U.S. economy added 263,000 jobs last month, marking the 103rd straight month of growth as the unemployment rate fell to the lowest level in nearly 50 years.
April’s payroll growth beat expectations as economists had predicted American employers would add 185,000 positions. Last month’s gain continued the longest streak of job gains on record.
The unemployment rate fell from 3.8% in March to 3.6% in April, hitting the lowest mark since December 1969.
Unchanged from last month, average hourly wages are up 3.2 % from a year ago. The average hourly earning for American workers rose 6 cents from last month to $27.77 an hour.
Professional and business services like engineering and accounting led the way with 76,000 new jobs last month, according to a Labor Department report. The health care sector added 27,000 jobs in April, while construction gained 33,000 new positions.
Friday’s jobs report comes a week after the Commerce Department announced that the gross domestic product, a primary indicator of economic health, grew at a 3.2% rate in the first three months of the year.
Job growth in the U.S. has averaged about 186,000 new positions a month so far this year, which is strong but below last year’s monthly average of 223,000.
Most economic indicators show slower growth in 2019, so hiring is likely to fall behind the pace seen last year.
Experts predict the U.S. economy will grow about 2% to 2.5% this year, compared to 2.9% in 2018.
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