April Unemployment Rate is Lowest Since 2008
The U.S. unemployment rate plunged in April to its lowest level since September 2008 as employers added 288,000 jobs, the most in two years.
According to an Associated Press report, the figures are a clear sign that the economy is picking up after a brutal winter slowed growth. The Labor Department says the unemployment rate fell to 6.3% from 6.7% in March. But the drop occurred because the number of people working or seeking work fell sharply.
People not seeking work aren’t counted as unemployed.
Employers also added more jobs in February and March than previously estimated. The job totals for those two months were revised up by a combined 36,000.
Job creation is accelerating as employers added an average of 238,000 jobs the past three months. That’s up from 167,000 in the previous three.