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Decreasing Unemployment Boosts Confidence
The United States economy added 165,000 jobs in April and the unemployment rate fell slightly to 7.5 percent, according to the Bureau of Labor Statistic's April employment report released May 3.
Sectors that had the biggest gains included professional and business services at 73,000 jobs, food services at 38,000, retail at 29,000, and health care at 19,000.
BLS economist Sutton Putlia, a retail specialist, thinks there could be more job growth in the sector next month. A cold spring delayed the demand for building materials and garden supplies, she said.
The other largest change was a revision of the March job figure. Originally estimated at a disappointing 88,000, this month's report changed the figure to 138,000.
The average work week fell from 34.6 hours in March to 34.4 hours in April, and 11.7 million people are unemployed, according to the report.
Despite these negatives, junior accounting and finance major Matt Koller thinks the report is a positive indicator for the economy, in part because the unemployment rate is at a four year low.
Senior economics major Brent Ascher said the improvement was a good sign. "It's improvement but it's slow," he added.
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