Friday, May 3, 2013

Nation's Unemployment Ticks Down to 7.5 Percent

Posted By on Fri, May 3, 2013 at 9:58 AM

"Meager" might be the best way to describe this morning's unemployment numbers.

And though the nation's jobless rate is the lowest in four years--7.5 percent--total non-farm payroll employment rose by 165,000 in April. Many of the new jobs were in lower-paying sectors like retail and food services. Stores hired 30,000 workers, restaurants added 38,000 employees.

Meanwhile, public sector job creations--or the lack thereof--continues to drag the nation's economy, shedding 11,000 jobs in April.

The most closely watched sector--manufacturing--was unchanged in April.

"What’s the biggest drag on the economy? The government,” Diane Swonk, chief economist for Mesirow Financial in Chicago told the New York Times. “If the government simply did no harm, we could be at escape velocity.”

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