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

(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.

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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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