So all of the doom and gloom over the economy we saw earlier this week seems to be over nothing. The jobs report is better than expected.
Total nonfarm payroll employment rose by 288,000, and the unemployment rate
fell by 0.4 percentage point to 6.3 percent in April, the U.S. Bureau of Labor
Statistics reported today. Employment gains were widespread, led by job growth
in professional and business services, retail trade, food services and drinking
places, and construction.
Household Survey Data
In April, the unemployment rate fell from 6.7 percent to 6.3 percent, and the
number of unemployed persons, at 9.8 million, decreased by 733,000. Both
measures had shown little movement over the prior 4 months. Over the year, the
unemployment rate and the number of unemployed persons declined by 1.2
percentage points and 1.9 million, respectively. (See table A-1.)
Among the major worker groups, unemployment rates declined in April for adult
men (5.9 percent), adult women (5.7 percent), teenagers (19.1 percent), whites
(5.3 percent), blacks (11.6 percent), and Hispanics (7.3 percent). The jobless
rate for Asians was 5.7 percent (not seasonally adjusted), little changed over
the year. (See tables A-1, A-2, and A-3.)
In April, the number of unemployed reentrants and new entrants declined by
417,000 and 126,000, respectively. (Reentrants are persons who previously
worked but were not in the labor force prior to beginning their job search,
and new entrants are persons who have never worked.) The number of job losers
and persons who completed temporary jobs decreased by 253,000 to 5.2 million.
(See table A-11.)