Unemployment Plunges to 6.3% —From 6.7%
As jobs report shows 288K jobs were created last month
By Evann Gastaldo, Newser Staff
Posted May 2, 2014 7:48 AM CDT
In this April 22, 2014 photo, job seekers line up for a job fair at Columbia-Greene Community College in Hudson, NY.   (AP Photo/Mike Groll)

(Newser) – Today's jobs report shook out far better than economists had expected: In April, 288,000 jobs were created, and the unemployment rate dropped to 6.3% from 6.7%. The expectations had been 215,000 and 6.6%, the Wall Street Journal reports. Those 288,000 jobs mark the fastest job growth pace in more than two years—and as for the 6.3% unemployment rate, that's the lowest in five-and-a-half years, the AP reports.

But not everyone is celebrating—as Paul Vigna points out, the new jobs number is "the biggest number since we got 360,000 back in January 2012. ... Everybody thought that was a great omen, but where have we gone since then?" And as the AP points out, the sharp drop in the unemployment rate is due to a similarly sharp drop in the number of people seeking work. There was more good news to be had, though, in the revisions for the prior two months: February's new jobs were revised to 222,000 (up from 197,000), and March's were revised to 203,000 (up from 192,000).

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Ezekiel 25:17
May 4, 2014 11:36 AM CDT
Teach your college kids the word, "internship." My employer, a fortune 100 company, has hired dozens of interns in the past year. We work them to death with no pay for four months and then we often give them a part time job right after its over. Then in no time we can offer them a full time position and they are now working at a fortune 100 company and can basically use us as an extension ladder to anywhere they want to work on Earth. But that's ok because when they leave, the make an opening for another intern to be hired.
May 3, 2014 11:49 AM CDT
Economy does poorly - "Thanks Obama!" Economy does well - "Thanks Job Creators!"
May 3, 2014 9:28 AM CDT
The job picture looks better because so many people stopped looking for work. As we draw closer to the election they will artificially drop even more. This is only a ploy to fool the American people to vote for them and sadly, it will probably work. We should not forget all the lies we have been told about Benghazi, IRS, NSA etc.. and take these numbers with a grain of salt.