The unemployment rate dropped to
6.3% this month, which is the lowest the rate has been in 5-1/2 years. In
March, the unemployment rate was 6.7%. In April of this year, employers added
288,000 workers to their payrolls, which was more than expected and positively
contributed to the rate decrease. The job gains in April were the highest since
January of 2012. Another attributing factor to the rate decrease is the number
of people working or looking for work dropped sharply. Those who are not
actively looking for work are not considered unemployed. The hiring that
occurred in April was broad-based and included higher-paying jobs, such as
manufacturing (12,000 new positions), construction (32,000 new positions), and
professional and technical services, such as accounting and engineering (25,100
new positions).
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