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US Economy Gains 165,000 Jobs

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Unemployment rate at 7.5%, lowest level in five years

The US economy gained 165,000 jobs in April, bringing the unemployment rate to 7.5%, the lowest rate in 5 years. The jobs reports for other months were also revised favorably. In March 138,000 jobs were gained as opposed to the 88,000 initially estimated, and 332,000 jobs were added in February as opposed to 268,000. The LA Times has more:
The labor market rebounded last month as the U.S. economy added 165,000 net new jobs and the unemployment rate dropped to 7.5%, its lowest level in more than five years, the Labor Department said Friday.
The April jobs figure exceeded analyst expectations of about 148,000 net new jobs and helped counter concerns that hiring was significantly slowing after a disappointing report in March.
The government also issued major upward revisions for job creation in March and February.
The initially disappointing 88,000 figure for March was revised to a more respectable 138,000. The February figure was revised up to 332,000 from the initial report of 268,000. That was the most new jobs added in a month since May 2010.
The private sector added 176,000 net new jobs in April, led by a gain of 73,000 in professrional and business service industry positions, the Labor Department report said. However, government shed 11,000 jobs, with the federal workforce down 8,000 positions.
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