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U.S. Jobless Rate Drops to 10-Year Low
The unemployment rate in the U.S. fell to 4.4% last month, its lowest since May 2007, the Dept. of Labor reports.
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The unemployment rate in the U.S. fell to 4.4% last month, its lowest since May 2007, the Dept. of Labor reports.
The economy added 211,000 jobs in April, mainly by gains in the leisure, hospitality and health car areas. The increase compares with a disappointing 79,000 new jobs created in March.
Economists say the dropping jobless rate suggests the U.S. economy is expanding at a moderate pace, even though initial data from the Dept. of Commerce says first-quarter growth slowed to an annualized 0.7%. They predict a rebound in the current quarter and note that the improved employment picture bolsters the likelihood that the Federal Reserve will raise interest rates slightly in June.
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