Unemployment Rates Are the Lowest Since 2008, But There Is a Kicker
The economy is on the rise and the evidence is clear within the job market. In April of this year, U.S. employers added 288,000 jobs, the most in over two years.
The winter may have been cold and slow, but the job market seems to be picking up just in time for the warm weather.
According to The U.S. Department of Labor, the unemployment rate has dropped from 6.7 to 6.3 percent since March—the lowest percentage since September 2008.
The drop has occurred not only because people are getting placed in full-time jobs, but in actuality, many people have stopped looking for work. And people who are not looking for work are not counted as unemployed.
Hard to believe?
Patrick O'Keefe, director of economic research at the accounting and consulting firm CohnReznick, said he was surprised by the 806,000 drop in the number of Americans either with a job or seeking one.
But while people have stopped looking for jobs, the job market is growing, and at a faster rate than in previous years since the recession began.
Last month, hiring in specific markets included higher numbers and higher-paying positions: Manufacturing gained 12,000 workers, while construction gained 32,000.
Professional and technical services—which include accounting and engineering positions—added 25,100 jobs, and government jobs grew by 15,000, mostly at the local level.
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