Unemployment Rate Drops But How's the Economy?

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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.

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