Unemployment Rate Drops But How's the Economy?

Ad Feedback

The U.S. job market is improving despite higher taxes and government spending cuts.

Employers added 165,000 jobs in the month of April, reducing the unemployment rate from 7.6 to 7.5 percent -- a four-year low.

The report from the Labor Department shows the only sectors that cut jobs last month were construction and government.

"This is a good report," Wells Fargo Chief Economist John Silvia said. "There's a lot of strength... It's good for the economy. It's good for people's income."
    
Meanwhile, the Dow Jones industrial average hit an all-time high Friday on news of the latest unemployment numbers, breaking the 15,000 point mark for the first time.

Although Friday's jobs report puts a positive spin on the economy,  none of the jobs created were in the manufacturing sector, something Scott Paul, president of the Alliance for American Manufacturing, says is a bad sign.

Paul shared more of his insights on the matter  on Newswatch, May 3. Check your local listings or check CBNNews.com after 5 p.m. ET for that report.

Log in or create an account to post a comment.  

CBN IS HERE FOR YOU!

Are you seeking answers in life? Are you hurting? Are you facing a difficult situation?

Find peace with God, discover more about God or send us your prayer request.

Call The 700 Club Prayer Center at 1 (800) 823-6053, 24 hours a day.

A caring friend will be there to pray with you in your time of need.

CBNNews.com

CBNNews.com

CBN News is a national/international, nonprofit news organization that provides programming by cable, satellite, and the Internet, 24-hours a day. Follow us on Facebook, Twitter, and Google+.