The unemployment rate plummeted in April to the lowest point in more than five years, as the U.S. economy added an unexpectedly large 288,000 jobs during the month.
All but the most optimistic of economists expected the jobs numbers to be strong, but nowhere near 300k, with the consensus of surveys placing the increase in the range of 210,000 to 220,000. The unemployment rate was forecast to decline only by a tenth of a point from March’s 6.7 percent.
Instead, the Bureau of Labor Statistics report for April said unemployment dropped almost across the board, with lower rates for whites, blacks, Hispanics, men, women and teenagers.
However, the sharp decline in the unemployment rate was due mostly to the 806,000 who left the labor force and were therefore not counted as unemployed. Read more…