Friday, May 2, 2014

Jobless Rate Drops, But Overall Labor Force Remains at Three-Decade Low

Posted By on Fri, May 2, 2014 at 11:13 AM

Dropping to its lowest level since September 2008, the nation's jobless rate fell to 6.3 percent in April.

The U.S. Department of Labor reported that approximately 288,000 non-farm jobs were added to the nation's payrolls last month, much more than the 210,000 that many economists had predicted.

But the news was tempered by the fact that the overall labor force fell sharply as more Americans stayed on the sidelines with the impression that there wasn't a job in their future anytime soon. The nation's labor-force participation rate plummeted to a three-decade low of 62.8 percent.

Manufacturing gained 12,000 new jobs, construction added 32,000 and professional and technical services added 25,100. The number of government jobs grew 15,000, mostly at the local level.

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